Govt to give Rs 22,000 crore grant to oil PSUs to cover LPG losses
New Delhi (PTI): The government will extend a one-time grant of Rs 22,000 crore to three state-owned fuel retailers to cover for the losses they incurred on selling domestic cooking gas LPG below cost in the last two years, I&B Minister Anurag Thakur said on Wednesday.
The Union Cabinet headed by Prime Minister Narendra Modi at a meeting on Wednesday, approved the one-time grant to three oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), Thakur told a news briefing.
The grant will be for covering the losses they incurred on selling LPG below cost to consumers from June 2020 to June 2022.
The three firms sell domestic LPG at government-regulated prices to consumers.
Between June 2020 to June 2022, the international prices of LPG soared by around 300 per cent.
However, to insulate consumers from fluctuations in international LPG prices, the cost increase was not fully passed on to consumers of domestic LPG, an official statement said.
Accordingly, domestic LPG prices have risen by only 72 per cent during this period, it said adding this led to significant losses for the three firms.
"Despite these losses, the three PSU OMCs have ensured continuous supplies of this essential cooking fuel in the country. The government has therefore decided to give a one-time grant to the three PSU OMCs for these losses in domestic LPG," it said.
The Union Cabinet approved a one-time grant amounting to Rs 22,000 crore to the three oil marketing companies (OMCs).
"This decision will help the PSU OMCs to continue their commitment to the Atmanirbhar Bharat Abhiyaan, ensuring unhindered domestic LPG supplies and also supporting the procurement of Make in India products."
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Space docking experiment: Spacecraft injected into right orbit, ISRO eyes another tech feat
Sriharikota, (Andhra Pradesh): Two spacecraft that would aid ISRO in demonstrating space docking, a critical technology for future space missions got separated successfully and were placed into the desired orbit late on Monday, ISRO said.
"PSLV C60 mission accomplished as of SpaDeX spacecraft is considered," said Mission director M Jayakumar.
ISRO chief S Somanath said the rocket has placed the satellites in the right orbit of 475 km circular orbit, after over 15 minutes of flight.
"So, as far as we are concerned, the rocket has placed the spacecraft in the right orbit and the Spadex satellites have moved one behind the other, and over the period of time, it will pick up further distance, travel about 20 km away and then the rendezvous and docking process will start. And we hope that the docking process can happen in another one week and the nominal time is going to be approximately January 7," he said in his address from the Mission Control Center.
And in this mission the very important part is POEM-4 (which was currently on) with 24 payloads from startups, industries, academic institutions and also from ISRO centres, he said. These are scheduled to be fired late on Monday night.
Dubbed as a prelude to ISRO setting up its own Space Station by 2035, the PSLV-C60 mission would also make India join an elite club in achieving this feat which is expected to take place in the coming days.
The 44.5 metre tall rocket carried two spacecraft -- Spacecraft A and B, each weighing 220kg which would help in space docking, satellite servicing and interplanetary missions.
After the culmination of the 25 hour countdown which commenced on Sunday, the rocket lifted-off at 10 pm from the First Launch Pad at this spaceport, emanating thick orange coloured fumes and thunderous sound in the island, located about 135 km east of Chennai.
According to ISRO scientists, the two spacecraft-Spacecraft A (SDX01) or the 'Chaser' and Spacecraft B (SDX02) or the 'Target' would be merged together later at an altitude of about 470 km after travelling at the same speed and distance.
By mastering the docking technologies, ISRO is set to enhance its operational flexibility and also expand its mission horizons.
This technology is essential for some of India's space ambitions like Indian on Moon, getting samples from the Moon (Chandrayaan-4 mission), building and operation of the Bharatiya Antariksh Station.
"In-space docking technology is essential when multiple rocket launches are required to achieve common mission objectives. Through this mission, India is marching towards becoming the fourth country in the world to have space docking technology," ISRO said.
The others to achieve this technological feat are China, Russia and the US.
While the Spacecraft has reached the desired orbit, in the coming days, scientists would take measures to merge the two by reducing the distance between them, ultimately leading to the docking of the spacecraft.
The launch of PSLV-C60 would be the last mission undertaken by the ISRO in 2024. Incidentally, the space agency began 2024 with the successful launch of PSLV-C58/XPOSAT mission on January 1.
Monday's PSLV rocket also becomes the first vehicle to be integrated upto the fourth stage at the PSLV Integration Facility (PIF) that has been established at the Satish Dhawan Space Centre here.
