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Gurgaon News:
SPIRALLING CRUDE oil
prices have pushed up the revenue loss of oil firms on
sale of petrol, diesel, LPG and kerosene to Rs 91,053
crore, necessitating an additional government assistance
in the form of oil bonds of Rs 34,153 crore during the
current fiscal.
Government had on June 5 decided to issue oil bonds
worth Rs 28,000 crore to public sector oil firms to meet
more than onethird of the estimated Rs 73,512 crore
under-recoveries on fuel |
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sale for 2006-07. Another
Rs 24,000 crore was to come by way of assistance from
ONGC while the Rs 4 a litre hike in petrol and Rs 2 per
litre increase in diesel price was to contribute Rs
9,396 crore.
However, with crude
hovering around $73-74 a barrel, $5-6 more than June 5
when the package was worked out, the estimated
under-recoveries have gone up, a top government official
said. “Under-recoveries on fuel sale in April-June was
Rs 17,398 crore and for the remainder of the year, we
estimate another Rs 73,655 crore revenue loss,” the
official said.
After factoring in Rs 6,437 crore gained from shift to
trade parity and Rs 5,500 crore expected from
restricting PDS kerosene to BPL families only and
discounts from refineries, a gap of Rs 34,153 crore was
left uncovered. “FinMin is yet to issue the first
tranche of quartely oil bonds and the increased under-realisation
would put pressure on the government for additional
support, possibly through oil bonds,” he said. |
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