New Delhi: Union Cabinet has approved the proposal of Ministry of Petroleum & Natural Gas to give one time grant amounting to Rs.22,000 crore to three Public Sector Undertaking Oil Marketing Companies (PSU OMCs) yesterday. The grant will be distributed among Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL).
The approval will help the PSU OMCs to continue their commitment to the Atmanirbhar Bharat Abhiyaan, ensuring unhindered domestic LPG supplies and also supporting the procurement of Make in India products.
Domestic LPG Cylinders are supplied at regulated prices to consumers by the public sector Oil Marketing companies namely, IOCL, BPCL, HPCL.
During the period from June 2020 to June 2022, the international prices of LPG increased by around 300%. However, to insulate consumers from fluctuations in international LPG prices, the cost increase was not fully passed on to consumers of domestic LPG. Accordingly, domestic LPG prices have raised by only 72% during this period. This has led to significant losses for these OMCs.
Despite these losses, the three PSU OMCs have ensured continuous supplies of this essential cooking fuel in the country.
Read Also
- Network Readiness Index 2025 India Climbs Four Spots to Rank 45th Globally
- Odisha Paddy Procurement Crisis: Naveen Patnaik Accuses Govt of Betraying Farmers
- Scotland vs Italy T20 World Cup: Munsey Powers 73-Run Win
- India-US Bilateral Trade Agreement Unlocks Major Export Boost for Indian Industries
- Best 10 Gemini AI Photo Prompt Copy Paste Trending Boy and Girl for Stylish HD Aesthetic Images
[amazon_auto_links id=”635″]