The three government oil marketing companies- IndianOil, Bharat Petroleum and Hindustan Petroleum- are estimated to have incurred an underrecovery of Rs 42,000 crore in the second quarter ended September 30 on sale of diesel, kerosene and domestic LPG at government controlled prices, petroleum secretary G C Chaturvedi said.
This is marginally lower than the amount of Rs 47,000 crore in the first quarter.
In the first quarter, the upstream oil companies (ONGC and OIL) along with GAIL contributed around Rs 14,000 crore. ONGC and OIL gave discount of $56 on every barrel of crude oil sold to the OMCs in the quarter.
The same discount is applicable for the second quarter, Chaturvedi said. However, the finance ministry has not yet released any cash compensation to offset the remaining amount for both the quarters.
