Govt approves Rs 8,000 cr subsidy to oil firms
State-owned oil marketing majors have heaved a sigh of relief with the government promising Rs 8000 crore as compensation to make up for half of the revenues they lost on selling diesel, domestic LPG and kerosene below cost in the third quarter. An afficial said IOC, BPCL and HPCL lost a shade less than Rs 16,000 crore revenue on selling diesel, domestic LPG and kerosene below their imported cost.
