However, the ministry over here is very clear that the buck stops at Rs 35000 crore as against the estimated Rs 41000-42000 crore.
Government sources indicate that Finance Mininstry is likely to release cash subsidy of around Rs 24,000 crore to compensate OMCs for Jan-March quarter.
The finance ministry had earlier indicated the rollover as Rs 35000 crore for the fiscal, whereas the last quarter under-recoveries are calculated at around Rs 39000 crore; burdening the residual Rs 4000-4500 crore on the upstream and downstream companies as of now.
The actual subsidy payout by the government from the finance ministry is Rs 35000 crore out of which Rs 24000 crore is going to be the immediate cash payment and the nod for this is likely by May 15 at the latest.
The government is planning to give a comfort letter for the residual Rs 11000 crore enabling the oil companies to margin profits.
However, the ministry over here is very clear that the buck stops at Rs 35000 crore as against the estimated Rs 41000-42000 crore.
Also read: Not worried about upstream cos' subsidy burden: Religare
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