Oil PSU’s fuel subsidy loss in Q4 of FY ’17 up by 77 per cent

State-owned oil marketing companies’ loss on sale of subsidised products in January-March jumped about 77 per cent sequentially to Rs 7,609 crore because of a recovery in prices of crude oil and petroleum products over the period, a senior oil ministry official told Cogencis. The three public sector oil retailers—Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp—bear a temporary loss on selling kerosene under the public distribution system, and subsidised cooking gas.