Indian Oil will get cash payment for Q1 subsidy on Sept 17: exec
REUTERS - Indian Oil Corp(IOC.NS), a state-owned fuel retailer, will get cash payment for the fiscal first quarter subsidy on September 17, its director (finance) P.K. Goyal said on Monday.
Fuel retailers Indian Oil Corp, Hindustan Petroleum Corp (HPCL.NS) and Bharat Petroleum Corp (BPCL.NS) sell diesel, kerosene and cooking gas at subsidised rates to protect the poor and tame inflation.
The retailers will get 80 billion rupees as partial compensation for the revenue losses suffered on sale of diesel, kerosene and cooking gas at lower state-set prices. Indian Oil's share will be 42 billion rupees, Goyal said.
($1 = 64.0100 rupees)
(Reporting by Nidhi Verma in NEW DELHI; Editing by Prateek Chatterjee)
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