Oil Ministry seeks Rs 49,000 cr subsidy for Q4

Oil Ministry has sought additional Rs 49,000 crore as oil subsidy from Finance Ministry for losses met by public sector oil marketing companies. This compensation is for losses incurred in the fourth quarter of 2011-12. Till now, the Finance Ministry has agreed to release Rs 45,000 crore in the first three-quarters of 2011-12. At the same time, upstream companies have borne another Rs 53,000 crore in these quarters. Three public sector companies IOC, HPCL and BPCL are expected to lose Rs 1,38,000 crore on selling diesel, kerosene and domestic cooking gas below market cost in the last financial year.