IOC to issue Rs 2,800 crore worth oil bonds

New Delhi, July 13: The Indian Oil Corporation (IOC) today said it will issue oil bonds in the market next week of about Rs 2,800 crore.

The move on the part of IOC comes in the wake of the the Petroleum Ministry seeking Rs 19,000 crore worth of oil bonds to partly compensate refiners who are selling fuel below the cost.

Currently the total under-recovery on sale of petrol, diesel, domestic LPG and kerosene is expected to be above Rs 55,000 crore this fiscal.

This is to offset this huge under-recoveries that the government is seeking issuance of the bonds.

UNI