State-run Oil and Natural Gas Corporation (ONGC) will have to foot Rs 3,500 crore fuel subsidy in the third quarter ended December 31, 2009.
ONGC along with gas utility GAIL India and explorer Oil India this year have been asked to make up for all of the losses retailers IOC, BPCL and HPCL suffer on sale of petrol and diesel.
"The retailers lost Rs 4,360 crore in October-December quarter on sale of petrol and diesel," a Petroleum Ministry official said.
Of this, ONGC will pick up Rs 3,500 crore while OIL will foot Rs 467 crore. GAIL is taking a tab of Rs 455 crore. The losses on domestic LPG and kerosene are compensated by government either by cash or bonds.
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