The Finance Ministry has sanctioned Rs 10,000 crore as cash subsidy to fuel retailers like Indian Oil Corp (IOC) to make up for part of the losses they incurred on selling diesel and cooking fuel below cost in the December quarter. The sanction is against the Oil Ministry´s demand of Rs 26,000 crore. IOC will get Rs 5,172.87 crore while Bharat Petroleum Corp Ltd (BPCL) will get Rs 2,499.39 crore. Hindustan Petroleum Corp Ltd (HPCL) will get Rs 2,327.47 crore.
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