NEW DELHI, Nov 7 (Reuters) - India's state-run upstream oil
companies are likely to bear a total subsidy burden of 151.08
billion rupees ($2.8 billion) for the September quarter, a
government source said, to compensate state oil marketing
companies for losses on fuel sales.
State producer Oil India and gas utility GAIL
, which have already reported quarterly earnings, have
provided discounts of 20.8 billion rupees and 785.7 million
rupees respectively. Explorer Oil and Natural Gas Corp
will detail its quarterly earnings on Thursday.
India's federal government fixes the retail prices of
liquefied petroleum gas, kerosene and diesel to protect the
poor, leading to revenue losses at Indian Oil Corp,
Bharat Petroleum Corp and Hindustan Petroleum Corp
Upstream companies had borne 150.61 billion rupees as their
share of subsidy in the April-June quarter, the source, who
declined to be identified as he was not authorised to speak to
the media, said.
India's oil ministry has separately sought compensation of
554.17 billion rupees from the finance ministry for the oil
companies for the first six months of the current financial
year, the source said.
($1 = 54.44 rupees)
(Reporting by Nidhi Verma; Editing by G.Ram Mohan)