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/ India News / 2007 / October 2007 / October 11, 2007 Centre approves extension of subsidy schemes in oil marketing companies |
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The Union Cabinet today gave its approval to the extension of existing subsidy schemes of oil marketing companies (OMC) for a period of three more years from April 1,2007.
New Delhi, Oct 11 : The Union Cabinet today gave its approval to the extension of existing subsidy schemes of oil marketing companies (OMC) for a period of three more years from April 1,2007.
The government will also bear the 42.7 per cent of the total under-recoveries for the current year (2007-08) in the form of oil bonds.
The upstream companies may share about one-third of the total under recoveries of the OMCs.
This decision will enable for continuing of subsidies on public distribution system (PDS) kerosene and (dom) LPG; and sharing the burden of OMCs' under-recoveries on account of sale of sensitive petroleum products.
ANI
