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The Government on Friday sought approval of Parliament to pay Rs 30,000 crore in fuel subsidy to State-run oil firms for the first half of the current fiscal. The Finance Minister, Mr Pranab Mukherjee, presented in Parliament second supplementary demands for grants of Rs 56,848.46 crore, more than half of which was for compensating State-owned oil firms for selling diesel, domestic LPG and kerosene at Government-controlled prices.
The move may lift stocks such as Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corporation, as they have suffered heavily financially.
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