Big relief to the oil companies of Modi government, 22,000 crores announced to compensate for the loss
New Delhi | Relief to Oil Companies: Giving big relief to the government oil companies, the Modi cabinet of the Center has compensated all their losses today. The Modi government has taken a big decision on the under recovery of Rs 22,000 crore of oil marketing companies. Apart from this, the cabinet meeting has approved changes in the bill to empower co-operative societies.
Relief to Oil Companies: This decision was taken in the cabinet meeting held on Wednesday. According to this decision, the Central Government has announced a grant of Rs 22000 crore to these companies to compensate for the loss caused to the oil companies on selling LPG. For this, there was a demand for a long time that the under-recovery of companies is increasing and how will it be fulfilled. But the Modi government took this decision while deciding to fulfill it too.
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Cabinet approves Rs. 22,000 crores as one time grant to PSU Oil Marketing Companies for losses in domestic LPG
It will help PSU OMCs in their commitment to #AtmaNirbharBharat Abhiyaan by ensuring unhindered domestic LPG supplies: Union Minister @ianuragthakur#CabinetDecisions pic.twitter.com/6G6hS0bclI
— PIB India (@PIB_India) October 12, 2022
Payment of under recovery of petrol and diesel is not included
After the meeting, Union Minister Anurag Thakur said that today it has been decided to give subsidy of Rs 22 thousand crore for domestic LPG. This subsidy has been kept out of the budgetary allocation of Rs 5812 crore. Payment of under-recovery of petrol and diesel is not included in this.
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International prices increased by 300 percent, while domestic LPG prices increased only 72 percent
Significantly, between June 2020 and June 2022, international LPG prices have increased by 300 percent, while domestic LPG prices were increased by only 72 percent. Due to which the oil companies were suffering.
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