Govt nod to Rs 8,000 cr subsidy for fuel retailers

The government on Monday approved an additional subsidy of Rs 8,000 crore to make up for the losses suffered by state-run fuel retailers on the sale of diesel, LPG and kerosene below cost in the third quarter.

The finance ministry issued a letter approving the payment of a cash compensation of Rs 4,442.45 crore to Indian Oil Corporation , Rs 1,809.85 crore to Bharat Petroleum (BPCL) and Rs 1,747.70 crore to Hindustan Petroleum (HPCL), an oil ministry official said.