ONGC, OIL not to fund fuel subsidy

New Delhi, February 9

The government has exempted ONGC and Oil India from payment of fuel subsidy in the quarter ended December 31, as slump in oil prices dented their revenues. As per fuel subsidy sharing formula approved last year, both firms have to make good revenue loss incurred by fuel retailers on selling kerosene and domestic LPG after taking into account the fixed subsidy provided by the government. PTI