India gives US$2.1 billion in oil bonds to PSUs

The Indian government has distributed oil bonds worth Rs 103.06 billion (US$3.41 billion) to the marketing arm of the country’s three public sector undertakings (PSUs), the Reserve Bank of India said. The largest among the three, Indian Oil Corp., will get bonds worth Rs 60.27 billion (US$1.99 billion). In the 2009-2010 financial year (April-March), Indian state-owned oil marketing companies are expected to suffer from under-recoveries in the range of Rs 450-500 billion (US$14.87 billion-16.52 billion) by selling kerosene, LPG, gasoline and gasoil (diesel fuel) at government regulated prices, Petroleum Secretary R. S. Pandey said. (September 16, 2009)