With state-run oil marketing companies (OMCs) recouping most of the FY23 losses in the marketing margins in the current financial year by not cutting retail prices even after crude prices fell sharply, the Centre is considering scalding down the equity infusion plan for the three companies.
In the Budget 2023-24 presented on February 1, the government had announced Rs 30,000 crore equity capital investment in the three OMCs — Indian Oil Corporation (IOC), BPCL and HPCL — towards energy transition and net-zero objectives.
