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Fuel subsidy News

Petrol price hike

22 May 2018

ONGC, OIL face risk of subsidy sharing: Moody's

ONGC and OIL, it said, have not contributed to fuel subsidies since June 2015, but have in previous years paid for over 40 per cent of the country's annual subsidy bill.

20 Apr 2017

India records impressive growth in recent years: IMF

India's growth has been "impressive" in the recent years which makes room for tax broadening efforts by the government, according to a top IMF official.

09 Feb 2016

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.

11 Jan 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.

India's fiscal deficit

10 Nov 2015

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.

Indian Oil Corp

22 May 2015

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.

16 Apr 2015

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.

05 Feb 2015

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.

08 Dec 2014

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.

03 Dec 2014

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.

10 Nov 2014

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.

31 Oct 2014

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 firms

11 Aug 2014

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.

Indian Oil Corp

31 Jul 2014

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.

17 Jul 2014

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.

01 Jul 2014

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.

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