Industry & Economy
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Petroleum
Ministry still hopeful of SLR status for oil bonds: Deora
Our Bureau
New Delhi
,
Sept. 5
The Petroleum Ministry is still hopeful that the Finance Ministry would grant Statutory Liquidity Ratio (SLR) status to the oil bonds that are proposed to be issued by the Government to state-owned oil marketing companies (OMCs) to compensate them for the losses incurred in the sale of fuels at below cost price.
The Finance Minister, Mr P. Chidambaram, had recently told newspersons that no SLR status would be given to the oil bonds. "The Petroleum Secretary and I have already met the Finance Minister. A solution is being worked out so as to ensure that we get more returns. However, as yet there has been no formal communication from the Ministry of Finance on this issue," the Petroleum Minister, Mr Murli Deora, told newspersons.
The Minister added that no time frame has yet been fixed for when the bonds should be issued.
The Government has obtained Parliamentary approval for issuance of oil bonds worth Rs 14,150 crore. In all, oil bonds worth Rs 28,300 crore are to be issued to OMCs this fiscal.
Further, the Minister said that there was no proposal to hike the prices of either liquid petroleum gas or kerosene.
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