Modi Govt to Inject ₹30,000 Crore Lifeline into Oil PSUs
The Union Cabinet, under Prime Minister Narendra Modi’s leadership, has sanctioned a significant ₹30,000 crore compensation package. This crucial financial aid is earmarked for three Public Sector Oil Marketing Companies (PSUs). These are Indian Oil Corporation (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL).
The compensation addresses substantial under-recoveries faced by these PSUs. These losses stemmed from the sale of domestically distributed Liquefied Petroleum Gas (LPG). The government’s move aims to stabilize these vital energy providers.
This substantial injection of funds is expected to bolster the financial health of these PSUs. It will allow them to continue their crucial role in supplying LPG to millions of Indian households.
The timely intervention underscores the government’s commitment to supporting public sector enterprises. The decision holds significant implications for energy security and affordability for Indian consumers, particularly in the face of volatile global energy markets. The impact on LPG prices will be closely watched by consumers across the country.
