Indian Oil to get Rs 4,200 crore cash payment for Q1 subsidy on September 17

Indian Oil Corp, 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, Hindustan Petroleum and Bharat Petroleum sell diesel, kerosene and cooking gas at subsidised rates to protect the poor and tame inflation.

The retailers will get Rs 8,000 crore 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 Rs 4,200 crore, Mr. Goyal said.

Copyright: Thomson Reuters 2013