Cabinet approves Rs 30,000 cr subsidy to compensate oil firms for LPG losses
New Delhi, Aug 9 (PTI): Cabinet on Friday approved Rs 30,000 crore LPG subsidy to state-run oil companies -- Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) -- to compensate for losses incurred from selling LPG at below cost over the past 15 months.
The compensation to oil marketing companies (OMCs) will be paid in 12 tranches, as per an official statement.
The international prices of LPG were at high levels during 2024-25 and continue to remain high. However, to insulate consumers from fluctuations in international LPG prices, the increase in cost was not passed on to consumers of domestic LPG, leading to significant losses for the three OMCs.
Despite the losses, public sector oil marketing companies have ensured continuous supplies of domestic LPG in the country at affordable prices.
"The Union Cabinet chaired by Prime Minister Narendra Modi has approved compensation amounting to Rs 30,000 crore to the three Public Sector Oil Marketing Companies (IOCL, BPCL & HPCL) for the under-recoveries incurred on sale of domestic LPG," the statement said.
This compensation will allow OMCs to continue meeting their critical requirements such as crude and LPG procurement, servicing of debt, and sustaining their capital expenditure, thereby ensuring uninterrupted supply of LPG cylinders to households across the country, it added.
The distribution of the compensation within the OMCs will be done by the Ministry of Petroleum and Natural Gas.
"This step also underlines the government's commitment to protect consumers from volatility in global energy markets while maintaining the financial health of these PSU OMCs," the statement said.
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Pak court grants bail to PM Shehbaz's daughter and her husband in graft case
Lahore (PTI): A Pakistani court on Tuesday granted bail to Prime Minister Shehbaz Sharif's daughter Rabia Imran and her husband Imran Yousaf in a mega corruption and money laundering case.
Judge Ashfaq Ahmed allowed the bail petitions of the couple and restrained the Federal Investigation Agency (FIA) from arresting them till May 7.
"The special court (central) Lahore granted interim pre-arrest bail to PM Shehbaz's daughter, Rabia Imran and her husband Imran Yousaf till May 7 in a mega corruption and money laundering case as the couple personally appeared before the court along with their counsel after arriving from the UK, where they had gone in 2022 to evade arrest," a court official said.
Last week, an accountability court had suspended the perpetual arrest warrants issued against the couple in the multi-billion corruption case, related to the Punjab Saaf Pani Company case.
The accountability court had issued perpetual warrants for their arrest in 2022 during the tenure of the Imran Khan government.
The PM's daughter and her husband had fled to the UK in 2022, and the court subsequently had declared them proclaimed offenders.
Interestingly, the country's anti-graft body -- National Accountability Bureau (NAB) -- that had instituted the multi-billion corruption case against the couple told the accountability court that it has no objection if the court suspends their warrants.
PM Shehbaz was also nominated in this corruption case but has been acquitted because of a lack of evidence.
Khan's Pakistan Tehreek-e-Insaf party has consistently alleged that the acquittal of PM Shehbaz and other ruling coalition members in various mega corruption cases is the result of a "compromised judiciary" and a "NAB-PMLN nexus" (referring to a perceived alliance between the NAB and the military-backed government).
His party has claimed these acquittals represent the "demise of justice" and has accused the judiciary of acting as a "silent accomplice" to state-backed political terrorism.
Khan was ousted from power in April 2022 through a no-confidence motion. Subsequently, he was arrested in August 2023 and has been in jail in multiple cases since then.
