In a significant development, the Union Cabinet on Wednesday approved the one-time grant of Rs 22,000 crore to three state-owned fuel retailers for covering losses that occurred while selling the LPG below cost price, releasing of productivity linked bonus (PLB) to railway employees and construction of container terminal at Deendayal Port in Gujarat.
Grant to oil PSU’s
The government will extend a one-time grant of Rs 22,000 crore to three state-owned fuel retailers–Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL)–to cover the losses they incurred on selling Liquified Petroleum Gas (LPG) below cost to consumers from June 2020 to June 2022.
During this period, the international prices of LPG soared by around 300 per cent. However, to insulate consumers from fluctuations in international LPG prices, the cost…
