Govt to compensate rising losses of oil firms
The Finance Ministry is understood to have agreed to issue oil bonds to compensate 50 per cent of the losses suffered by oil companies last fiscal on account of selling fuel below cost price. Petroleum Minister Murli Deora had met Finance Minister P Chidambaram seeking issuance of oil bonds by the Finance Ministry to cover 57.1 per cent of the losses or under-recoveries of state-run oil marketing companies.
