Govt plans Rs 20,000-cr aid to oil firms hit by soaring costs: Report

The oil ministry has sought a compensation of Rs 28,000 cr, but the finance ministry is agreeing to only about a Rs 20,000-cr cash payout, say sources

India plans to pay about Rs 20,000 crore ($2.5 billion) to the state-run fuel retailers, such as Indian Oil Corp., to partly compensate them for losses and keep a check on cooking gas prices, according to people familiar with the matter.
 

The oil ministry has sought a compensation of Rs 28,000 crore, but the finance ministry is agreeing to only about a Rs 20,000-crore cash payout, the people said, asking not to be identified as the discussions are private. The talks are at an advanced stage but a final decision is yet to be taken, the people said.

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