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Tuesday, December 22, 2009

Govt may pay cash to state oil firms - fin secy

The government is likely to offer cash instead of bonds to state-run oil firms for compensating them for selling fuel at lower than market price, Finance Secretary Ashok Chawla said on Tuesday.

"It is under consideration. The decision will be taken at the highest level," Chawla told reporters, adding, "tentative thinking is that, we will give them cash before March 31".

The oil ministry had sought 200 billion rupees of bonds for state-run firms as compensation during the full fiscal year ending March 2010.

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