Big news for public sector Oil Marketing Companies: Cabinet approval of Rs 22,000 crore likely | Exclusive

Big news for public sector Oil Marketing Companies: In a big relief to public sector oil marketing companies, the cabinet is likely to approve an allocation of Rs 22,000 crore in the meeting today. Prime Minister Narendra Modi will chair the union cabinet meeting at 10:30 am at his official residence.

The allocation will be a big cash bonanza for the state-run oil companies for the losses they have been bearing by selling LPG gas at below-market rates. The decision will benefit Indian Oil Corporation Ltd. (IOCL), Hindustan Petroleum Corporation Ltd. (HPCL) and Bharat Petroleum Corporation Ltd. (BPCL).

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OMCs के लिए बड़ी खबर

BPCL, IOC, HPCL के लिए अच्छी खबर
आज सरकारी OMCs को मिलेगा बड़ा कैश बोनांजा
रसोई गैस के घाटे की भरपाई के लिए मिलेगा कैश बोनांजा
कैबिनेट से ₹22000 करोड़ के आवंटन को मंजूरी संभव

जानिए पूरी डिटेल्स स्वाति खंडेलवाल से.@SwatiKJain pic.twitter.com/QnhEwEfTi5

— Zee Business (@ZeeBusiness) October 12, 2022

Zee Business Executive Editor Swati Khandelwal said, "Govt is likely to allocate Rs 22,000 crore as LPG subsidy for this financial year in the cabinet meeting today." "The Oil ministry had demanded Rs 28,000 crore, although, the finance ministry gave approval of just Rs 22,000 crore. This will be a big relief for all three big state-run oil companies," she added. 

She added, "It's a timely step by the cenral government as these companies were bearing losses due to rise in internatinoal prices. These companies were forced to sell at a restricted rate set by the govt."

India imports about half of its liquefied petroleum gas, generally used as cooking fuel. Khandelwal noted "there has been a 303% rise in international prices but back home in India there is just 28% increase in retail prices in the last two years. So, this annoucement is great news to cover this huge gap." 

Market expert Ambareesh Baliga added, "This is a very positive news. We should see a decent upside in the OMCs."

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