Fuel subsidies are back: Oil companies to get Rs 30,000 cr for holding petrol, diesel prices
The Union Budget for 2023-24 will dole out Rs 30,000 crore to state-owned fuel retailers to make up for the massive losses they ran because of holding petrol and diesel prices despite rise in cost in a bid to help the government contain inflation. Finance Minister Nirmala Sitharaman has allocated the money under the head “capital support to oil marketing companies”. It offered no explanation why the blue chip, cash rich oil PSUs should need capital support.
