Oil subsidy bill: New plan

The government is willing to increase its contribution to the subsidy bill on retail sale of oil products. But it told a standing committee on petroleum and natural gas, that it also wanted domestic refineries, including private players, to chip in, reports CNBC-TV18.

During the current financial year, the government paid Rs 3,080 crore (Rs 30.8 billion) as subsidy on kerosene and cooking gas sales against Rs 2,930 crore (Rs 29.3 billion), a year earlier.

New Delhi has also asked oil-marketing firms, such as Oil and Natural Gas Corp to share a third of the revenue loss on oil product sales.

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