The Union Cabinet has approved one-time compensation of Rs 22,000 crore to state-run oil marketing companies for liquefied petroleum gas (LPG) cooking gas, Union minister Anurag Thakur said on Wednesday. The finance ministry has agreed to the cash payout.
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Thakur said, “LPG prices are increasing across the world. One-time grant of Rs 22,000 crore has been given to OMCs so that the burden of rising prices does not fall on common people.”
State-run fuel retailers – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp – together supply more than 90 percent of India’s petroleum fuels. These three OMCs had to suffer the worst quarterly losses in years as the firms absorbed record international crude prices.
