Rs 75,000 cr OMC loss: Oil ministry working on plan to offset losses. Companies seek financial support; Finance Ministry nod needed before proposal goes to Cabinet

Oil Ministry is working on a proposal to compensate state-run oil marketing companies for losses incurred from selling fuel below market rates during the April–June quarter. Hopes of recovering these losses have diminished as crude oil prices have risen again. The government now faces a difficult decision on compensation amid uncollected taxes. Inter-ministerial discussions are expected to take several weeks or even months before a final decision is reached. (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)