Capital infusion in OMCS may be halved to Rs 15,000 crore
Capital infusion in state-run oil marketing companies (OMCs) may be halved to around Rs 15,000 crore from Rs 30,000 crore earmarked in the budget estimate for 2023-24, given their improved finances, sources told FE.
Robust profits in the first half of the current financial year on the back of subdued crude oil prices enabled these firms to offset the losses incurred in the corresponding period of the previous fiscal.
India’s biggest state-run refiner-cum retailer Indian Oil Corporation (IOC) reported a net profit of Rs 26,718 crore in the first half of the current financial year compared with a loss of Rs 2,265 crore in the year-ago period, due to a freeze in retail fuel prices to insulate consumers.
