The Centre has cut down equity infusion in the state-owned oil marketing companies to Rs 15,000 crore from the budget estimate of Rs 30,000 crore for the financial year 2023-24. The move is in the wake of the improvement in the finaces of these firms in recent quarters.
The ministry has recommended that the proposal of filling up of crude oil to fill strategic underground storages at Mangalore in Karnataka and Visakhapatnam in Andhra Pradesh be deferred ‘in view of emerging trends in oil markets’.
