The Union Government has approved the proposal of the Ministry of Petroleum and Natural Gas to give a one-time grant amounting to Rs 22,000 crore to three Public Sector Units of Oil Marketing Companies.
The grant will be distributed to Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL).
The grant will help the OMCs to offset their losses, during the period 2020-2022 the international prices of LPG increased by around 300 percent. However, to insulate consumers from the fluctuations of prices, the cost increase was not fully passed onto the consumers of domestic LPG. This has resulted in significant losses for OMCs.
Despite the losses, three PSU oil marketing companies have ensured continuous supplies of this essential cooking fuel in the country.
ALSO READ : A bank manager is a financial doctor who needs to give a patient hearing to the customer.
FIRST Business Portal addressing the potential of business capability of North East Region.
