Modi Government approves one time grant of Rs 22000 cr to state-run OMCs; IOC, BPCL, HPCL to benefit

Narendra Modi Government has approved a onetime grant of Rs 22000 cr to public sector oil marketing companies (OMCs), Anurag Thakur, Minister of Information and Broadcasting said in a media briefing on Wednesday. The beneficiary of the grant will be Indian Oil Corporation Limited (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL), the minister said.  

The decision was taken during a cabinet meeting which was chaired by PM Modi.

Thakur, while addressing the media said that prices of LPG (Liquefied Petroleum Gas) shot up over 300 per cent globally. The OMCs have taken a hit of Rs 22000 cr during the period between June 2020 and June 2022 by keeping the prices low to ensure that the consumers are not severely impacted.

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IOCL shares today ended at Rs 67.30 on the NSE and were up by 2.05 per cent from the Tuesday closing price. BPCL and HPCL shares ended at Rs 302.65 and Rs 210.15 respectively. While the former closed up nearly 1 per cent, the later closed almost flat with some negative bias.