The Indian Oil Corporation (IOC) will be the biggest recipient of the bonds to be issued by the finance ministry to compensate the domestic oil marketing companies for the financial burden carried by them because of the non-revision of prices during April-May.
Of the total financial burden of about Rs 2,000 crore, IOC alone took a hit of Rs 903 crore, followed by Bharat Petroleum Corporation Limited, which took a hit of Rs 520 crore.
Hindustan Petroleum Corporation Limited carried a burden of Rs 407 crore and IBP Company Limited of Rs 160 crore.
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The financial burden carried by IOC during these two months because of selling petrol below the cost price came to Rs 138 crore, Rs 124 crore for BPCL, Rs 100 crore for HPCL and Rs 30 crore for IBP.
In the case of diesel, this burden was Rs 766 crore for IOC, Rs 396 crore for BPCL, Rs 308 crore for HPCL, and Rs 130 crore for IBP.
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