Oil Marketing Companies (OMCs) have suffered a huge under-recovery of Rs. 60,907.05 crore on the sale of sensitive petroleum products during the first half of the current fiscal. IOCL accounted for bulk of the under-recoveries with a share of Rs. 31,915.89 crore followed by BPCL (Rs. 14,931.29 crore) and HPCL (Rs. 14,059.87 crore). It may be noted that the government had announced a budgetary support of Rs 25,772 crore in the budget and the rest of the amount will have to be shelled out by ONGC, OIL and GAIL. Accordingly, the share of IOC, BPCL and HPCL was worked out as Rs 13,504.78 crore, Rs.6,317.97 crore and Rs 5,949.25 crore respectively. Out of Rs 25,772 crore, the government had disbursed Rs 8,000 crore in the first quarter and Rs 8,772 crore in the second quarter. The balance amount of Rs 9,000 crore still needs to be sanctioned by the finance ministry.
OMCs had suffered Rs. 1,61,029 crore under-recoveries during 2012-13. Out of this the government had borne Rs. 1,01,000 crore while upstream companies gave out Rs. 60,000 crore. OMCs had to bear under-recovery of just Rs. 29 crore in their books.