India’s Goevrnment owned oil companies bleeding more now as Finance Ministry cuts the subsidy without allowing any price hike
Sonia Joshi
May 13, 2008

It is the worst scenario for the Indian oil companies. Oil and gas companies saw their shares slide earlier in the day after Petroleum Minister Murli Deora first indicated that Finance Minister P Chidambaram was not ready to bear the 57 per cent burden.

The oil companies in India owned by the Government are hoping one day India will join the free world where Government does not control the price of the petroleum products to show the world growth in the economy. India and China are playing these games to attaract more foreign direct investment and pay for their inefficiencies and infrastructure needs.

According media reports, were two shockers for the cash-strapped government owned oil companies late Tuesday. They were told that their subsidy burden for 2007-08 was not Rs 77,000 crore but a much lower Rs 70, 579 crore. They were also told that the government would only bear 50 per cent of their subsidy bill rather than the promised 57 per cent. This lower subsidy bill means that the oil marketing companies are likely to bear the Rs 6,400 crore of the burden that has been wiped off from the earlier bill.

India’s Goevrnment owned oil companies bleeding more now as Finance Ministry cuts the subsidy without allowing any price hike
Sonia Joshi
The oil companies in India owned by the Government are hoping one day India will join the free world where Government does not control the price of the petroleum products to show the world growth in the economy.
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