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Friday, September 22, 2023

Cabinet Decisions: Government To Give ₹ 22,000 Crore To State-Run Oil Firms To Cover Losses

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Batori24 Bureau
Batori24 Bureau
Batori24 is a Vernacular based Assamese news portal based in Guwahati Assam. We are a dedicated news channel covering news and stories across the globe with special reference to Assam, north-east along with National and International news.

Cabinet Decisions: Cabinet approves Rs. 22,000 crores as one time grant to PSU Oil Marketing Companies for losses in domestic LPG. Union Minister Anurag Thakur addressing the media said that “It will help PSU OMCs in their commitment to Atma Nirbhar Bharat Abhiyaan by ensuring unhindered domestic LPG supplies”.

The grant will cover the losses they incurred by selling LPG at a loss to consumers between June 2020 and June 2022.

At a meeting on Wednesday, the Union Cabinet, led by Prime Minister Narendra Modi, approved a one-time grant to three oil marketing companies: Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd. (HPCL), Thakur stated at a press conference.

Also Read: IIT Guwahati: Droupadi Murmu to Inaugurate Supercomputer Facility On Oct 13

Consumers are sold domestic LPG at government-regulated prices by the three companies.

International LPG prices increased by around 300 percent between June 2020 and June 2022.

However, in order to protect consumers from variability in international LPG prices, the cost increase was not fully passed on to domestic LPG consumers, according to an official statement.

As a result, domestic LPG prices rose by only 72% during this time, resulting in significant losses for the three companies.

“Despite these losses, the three PSU OMCs have ensured that this essential cooking fuel is available throughout the country. As a result, the government has decided to provide a one-time grant to the three PSU OMCs for these domestic LPG losses “It stated.

Cabinet has approved a Productivity Linked Bonus of Rs 1,832 crores for 11.27 lakh employees of railways. The bonus will be for 78 days with a maximum amount of Rs 17,951 per beneficiary.



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