LPG price cut: Govt grant soon for OMCs, analysts do not expect losses
The government will bear the burden of the Rs 200 price cut on domestic cooking gas cylinders, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday, in a major relief to state-run oil marketing companies (OMCs).
Puri made this assertion, in an exclusive interaction with CNBC-TV18.
The Union Cabinet on Tuesday announced the LPG cylinder price cut to ease the load of inflation on consumers. The move, however, triggered panic among OMCs who were staring at losses to the tune of nearly Rs 7,500 crore.
