The Hindu Business Line : Ministry to seek oil bonds worth Rs 5,500 cr

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New Delhi, Feb. 28 The Petroleum Ministry will approach the Finance Ministry to seek its approval for oil bonds worth Rs 5,500 crore for the fourth quarter (January-March) this year, the Petroleum Secretary, Mr M.S. Srinivasan said. He said the funds would be used to compensate oil firms for selling fuel at below cost price.

Mr Srinivasan said since February 15, when prices of petrol and diesel were cut by Rs 2 and Re 1 respectively, oil-marketing companies lost Rs 120 crore. Till now the Government has released oil bonds worth Rs 19,150 crore. Since overall under recovery has fallen, the total bond amount would be lower than the approved Rs 28,300 crore.

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