Mumbai: The government refused to allow the oil marketers to raise prices in line with the international crude and promised it would make up for their losses by issuing bonds.
The oil ministry has sought special bonds worth Rs 20,871 crore. State-run oil marketers have lost about Rs 26,618 crore in revenue on selling petrol, diesel, cooking gas and kerosene at government-capped prices during the first half of the fiscal.
But so far, such bonds have not been issued till now to Hindustan Petroleum and Bharat Petroleum, forcing these firms to report net losses in the July-September quarter.
“We are confident of getting the oil bonds (this time),” additional secretary S Sundareshan said. “We have made our demand to finance ministry and it is now for them to get the approval from Parliament,” he said.
