Govt exempts ONGC, Oil India from fuel subsidy payment in Q3

Govt exempts ONGC, Oil India from fuel subsidy payment in Q3

Government has exempted state-owned ONGC and Oil India from payment of fuel subsidy in the third quarter ended December 31, as slump in oil prices dented their revenues.

Finance Ministry to assume oil price at below $50 in Budget 2016

Finance Ministry to assume oil price at below $50 in Budget 2016

The Finance Ministry likely to peg the notional value of crude oil price below USD 50 a barrel while computing the subsidy numbers and fiscal deficit in the Budget 2016-17.

Fiscal deficit to reduce to 3.7% of GDP by FY18: Deutsche Bank

Fiscal deficit to reduce to 3.7% of GDP by FY18: Deutsche Bank

Though two major thrusts like fuel subsidy reduction and capital expenditure compression have driven fiscal consolidation in recent years, hardly any progress has been made in improving revenue collection.

Finance Ministry sanctions Rs 5,223-cr fuel subsidy for IOC, BPCL

Indian Oil Corp (IOC) will get Rs 2,932 crore subsidy and Bharat Petroleum Corp Ltd (BPCL) Rs 2,291 crore for selling fuel below cost in Q4 of 2014-15, but Hindustan Petroleum Corp Ltd (HPCL) will not get any support.

Govt picks up the tab for ONGC, OIL Q4 fuel subsidy

The government has exempted oil producers ONGC and Oil India Ltd from payment of fuel subsidy in the fourth quarter after the finance ministry agreed to meet all of the revenue loss on fuel sales.

Oil Ministry seeks Rs 22,101cr in fuel subsidy for H2 2014-15

Oil Ministry has sought Rs 22,101 crore in fuel subsidy for the second half of current fiscal so as to almost exempt oil producers ONGC and Oil India Ltd from any payments.

ONGC's subsidy burden being cut

The government plans to sell 5 percent stake in ONGC worth about $2.5 billion as part of its divestment programme.

No exemption to ONGC from fuel subsidy payout: Pradhan

The government is not considering exempting state-owned Oil and Natural Gas Corp (ONGC) from payment of fuel subsidy, Oil Minister Dharmendra Pradhan said Wednesday.

Oil Ministry seeks Rs 8,183 cr in fuel subsidy

Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) had reported a revenue loss of about Rs 24,563 crore in the July-September quarter.

GAIL profit up 42% at Rs 1,303 cr

GAIL (India) Ltd, the nation's largest natural gas distributor, today reported 42 per cent jump in its September quarter net profit as it did not pay any fuel subsidy.

Oil marketing companies to get Rs 11K crore on subsidy in Q1

Fuel retailers sell diesel, domestic LPG and kerosene at government controlled rates which are below market price. The loss they thus incur is made good through cash subsidy from the government and dole from upstream firms like ONGC.

Govt seeks Rs 15,546-crore fuel subsidy from upstream cos

Indian Oil Corp (IOC) will get Rs 8,107 crore from upstream firms in fuel subsidy support for the first quarter while Hindustan Petroleum Corp Ltd (HPCL) will get Rs 3,608.88 crore.

ONGC opposes govt stake sale before issues are resolved

The government plans to sell 42.77 crore shares, or five per cent of its stake in ONGC worth Rs 17,400 crore at current prices, this fiscal.

Moody's expects govt to reduce fuel subsidy bill

Rating agency Moody's expects the government to reduce its fuel subsidy bill through a gradual process that in turn will lead to higher product prices and prove credit positive for oil marketing companies.

ONGC pays Rs 272,721 cr in fuel subsidy

State-owned Oil and Natural Gas Corp (ONGC) has paid a whopping Rs 272,721 crore in fuel subsidy over the past 11 years, denting its profitability.

Losses on diesel dip to new low of Rs 2.80 a litre

The losses have fallen rapidly since March as prospect of a stable and decisive government under Modi helping rupee gain against dollar.

HPCL post Q4 profit of Rs 4,609 cr helped by fuel subsidy

State-owned Hindustan Petroleum Corp Ltd (HPCL) Wednesday reported a better than expected fourth quarter net profit of Rs 4,609.24 crore after it got lumpsum fuel subsidy.

Oil cos to pay $11.4 bn fuel subsidy for 2013/14: Source

India has ordered oil companies to provide USD 11.4 billion subsidy for 2013/14 to help cover losses of state retailers that sell fuels at cheaper rates - a jump of 12 percent from the previous year, a source with knowledge of the matter said on Thursday.

Fin Min gives Rs 10,000 cr as subsidy to fuel retailers for Q3

IOC will get Rs 5,172.87 crore while Bharat Petroleum Corp Ltd (BPCL) will get Rs 2,499.39 crore.

ONGC to pay Rs 13,764 crore as fuel subsidy in Q3

The government has ordered Oil and Natural Gas Corp (ONGC) to pay a near-record Rs 13,764 crore as fuel subsidy for the December quarter, a move that will dent the firm's profitability.