Oil retailers to receive about 70 billion rupees cash subsidy

MUMBAI (Reuters) - State oil marketing companies are expected to received a first tranche of about 70 billion rupees as part of a cash subsidy payout for the January-March period, two officials at state-owned oil companies told Reuters.

The cash payout will be in six tranches of an equivalent amount every Tuesday, the officials said. The subsidy will be paid by July-end.

The Finance Ministry approved 450 billion rupees in subsidy payouts to oil retailers last month.

(Reporting by Neha Dasgupta and Prashant Mehra; Editing by Supriya Kurane)