The government will extend a one-time grant of ₹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 October 12, 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), Mr. 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.
