 "Oil, OMCs, Oil rig, Fuel, Indian Oil, Hindustan OIL, Bharat Petroleum, Petrol, Gas, LPG, Oil drilling, block, basin")
The Union Cabinet has approved a one-time grant amounting to Rs 22,000 crore for the three public sector oil marketing companies (OMCs).
This will help them tide over continuing losses in providing domestic liquified petroleum gas (LPG).
The grant will be distributed among Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL).
Domestic LPG cylinders are supplied at regulated prices to consumers by the three state-owned companies.
The government has argued that even as international prices of LPG increased by 300 per cent during June 2020-June 2022, the cost increase was not fully passed on to
