Finance minister P Chidambaram on Thursday said cash payouts to oil firms in 2013-14 would be limited to Rs 20,000 crore. We have done our sums and this Rs 45,000 crore was given yesterday on account of claims but we do not expect any more claims from the petroleum ministry for 2012,13, he said.
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The minister had on Wednesday agreed to give a record Rs 1 lakh crore in fuel subsidy for last fiscal at a meeting convened by Prime Minister Manmohan Singh. The government has targeted oil subsidy of Rs 65,000 crore in Budget 2013-14. We still have Rs 20,000 crore and another Rs 60,000 crore will come from upstream companies. We have got Rs 80,000 crore and we dont think the oil subsidy bill for this year would exceed Rs 80,000 crore, he said.