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The 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 Oil and Natural Gas Corp. Ltd (ONGC) and Oil India Ltd (OIL) from any payments.
Since global oil prices have fallen below $50 per barrel, the ministry wants to exempt ONGC and OIL from payment of subsidy during the remainder of the current fiscal. Sources said the ministry has written to the finance ministry seeking Rs.22,101 crore for covering most of the revenue loss on LPG and kerosene sale during October-December.
This is on top of Rs.17,000 crore in fuel subsidy that the finance ministry has already given in the first half. The ministry projects that the government will earn Rs.75,944 crore on excise duty on petrol and diesel and even after paying for Rs.39,101 crore subsidy (Rs.17,000 crore of first half and Rs.22,101 crore in second half), it will be left with Rs.36,843 crore. It has put gross under-recoveries or revenue loss on sale of diesel, LPG and kerosene during the current fiscal at Rs.74,773 crore. Of this, Rs.51,109.53 crore has already been accounted for in the first half.
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