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The Finance Ministry has decided to release to the oil marketing companies (OMCs) the remaining petroleum subsidy of Rs 21,000 crore for 2010-11. The petroleum subsidy will be paid in cash to compensate the OMCs for selling petroleum products below cost. “Whatever was provided for in the third batch of supplementary demand for grants is now going to the OMCs,” a senior Finance Ministry official said. The total petroleum subsidy for 2010-11 is pegged at Rs 38,386 crore (at the revised estimate stage), of which Rs 14,000 crore was already forked out in the first batch of supplementary demand for grants. The initial Budget estimate for 2010-11 was Rs 3,108 crore. The third batch had provided for a sum of Rs 21,000 crore, which is now being disbursed in cash to the OMCs.
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