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Our Bureau

New Delhi, Jan. 24

IOC is likely to get Rs 3,980 crore from state-owned upstream companies — ONGC, Oil India, and GAIL (India) — as subsidy for the third quarter of the current financial year.

To partly offset the revenue loss suffered by the state-owned oil marketing companies for selling fuels below the cost price, the upstream companies are asked to share the burden by way of discounts (on sale of crude oil to these refining-cum-marketing companies).

According to official sources, while BBCL is likely to get Rs 1,623 crore, HPCL will get about Rs 1,482 crore, as subsidy during the quarter under review.

According to an ad-hoc mechanism worked out by the Government, the upstream oil companies have to share one-third of the subsidy burden incurred by oil marketing companies on sale of petrol, diesel, cooking gas and kerosene at subsidised rates.

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