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
- Taslima Nasreen Backs Uniform Civil Code, Calls for Equal Laws in India
- Odisha Extends UG Admission 2026 Schedule, Announces Fourth Round Under SAMS
- Coal India Records Highest-Ever July Coal Supply, Offtake Jumps 18%
- Idaho In-N-Out Shooting Leaves Multiple Dead, Suspected Gunman Also Killed
- Daily Horoscope August 2, 2026: Zodiac Predictions for Love, Career, Money and Health
[amazon_auto_links id=”635″]