The Indian Finane Ministry on 31 January 2011 approved Rs 8000 crore in cash subsidy to state owned fuel retailers. The cash subsidy was approved of by the government to enable the state owned fuel retailers to make up for half of the revenues they lost on selling diesel, domestic LPG and kerosene below cost in the third quarter of 29010-11.
Indian Oil Corporation (IOC) is to get Rs 4442.45 crore, Bharat Petroleum Corp (BPCL) Rs 1809.85 crore and Hindustan Petroleum Corporation (HPCL) Rs 1747.70 crore.
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