New Delhi: Aiming to shore up huge quarterly losses incurred by state-owned oil marketing companies (OMCs) like Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation, the government plans to pay them $2.5 billion as partial compensation, according to a Bloomberg report.
The losses have been incurred by the OMCs as they absorbed international crude prices, however the report, quoting sources, said that while the Petroleum Ministry had sought a far greater amount, the Finance Ministry agreed only to $2.5 billion as a cash payout.
The partial compensation to OMCs has also been planned to rein in cooking gas prices, the Bloomberg report said.
