New Delhi, October 29: Oil Minister Murli Deora today met Finance Minister Pranab Mukherjee to seek cash compensation for state-run oil companies which have lost over Rs 31,000 crore on selling fuel below cost in the first half of the current fiscal.
“We asked the finance minister to meet at least 50 per cent of the under recoveries (revenue loss),” Deora said after the meeting.
Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum lost Rs 31,367 crore in revenues during the April-September quarter on selling diesel, domestic LPG and kerosene below cost. This includes Rs 2,227 crore they lost on selling petrol below cost till June 25 when its pricing was freed from government control.
–Agencies