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The Union Cabinet is likely to approve subsidies for oil marketing companies like Indian Oil Corporation Ltd (IOCL), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL). The Cabinet is likely to clear Rs 22,000 crore for these companies for losses they have incurred on retail sales of petrol and diesel. The OMCs have incurred heavy losses on the sale of petrol and diesel due to non-revision of prices for a record 137 days from November 4, 2021 to March 22, 2022.
Editor In Chief : Dr Dhimant Purohit
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