India fuel retailers seek $5.77 bln cash subsidy-secretary
NEW DELHI, July 31 |
NEW DELHI, July 31 (Reuters) - India's oil ministry has sought 320 billion rupees ($5.77 billion) cash compensation from the federal finance ministry to compensate state fuel retailers for selling fuels at government-set cheaper rates in April-June quarter, Oil Secretary G. C. Chaturvedi said on Tuesday.
India's federal government fixes retail prices of liquefied petroleum gas, kerosene and diesel to protect the poor, leading to revenue losses at Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp. [$1 = 55.48 rupees] (Reporting by Nidhi Verma; Editing by Jo Winterbottom)
- Tweet this
- Share this
- Digg this