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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MP: Man dives into dam water for reel shooting, missing
Guna (MP), Nov 17: A 20-year-old man went missing when he jumped into the water in a dam for the shooting of a social media reel in Madhya Pradesh's Guna district on Sunday, police said.
The incident occurred around 5 pm at Gopisagar Dam in Ruthiyai area, some 20 km from the district headquarters, an official said.
Dharnawada police station in-charge Prabhat Katare said Deepesh Lodha handed over his mobile phone to his friend Raj to shoot a reel as he dived into the water near the sluice gate of the reservoir, he said.
Lodha also told his friend that he knew swimming, the police official said.
However, the young man started drowning, prompting his friend to seek the help of the people in the vicinity, the official said.
After being alerted, police informed the State Disaster Emergency Response Force (SDERF), which launched a search to trace Lodha, the official said.
Phool Singh Banjara, a farmer, said his children alerted him that someone was in trouble in the dam. By the time he reached, Lodha was drowning and soon went missing, he said.
