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News Brief | December 2013

Govt sanctions Rs 8,772 crore for under-recoveries by oil companies

The government has sanctioned Rs 8,772 crore cash subsidy to state-owned fuel retailers like IOCL to cover for a fourth of the revenue they lost on selling diesel and cooking fuel below cost in September quarter. The three retailers had lost Rs 35,328 crore in revenues on selling diesel, cooking gas (LPG) and kerosene at government controlled rates in July-September quarter.
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