The Union cabinet has approved a one-time grant of Rs 22,000 crore to three oil marketing companies – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation (HPCL) – to reduce cost pressures and cover the last two years’ losses on selling LPG in domestic market. Information and Broadcasting Minister Anurag Thakur said that the LPG prices rose 300 per cent between June 2020 and June 2022. The grant will aid the fuel retailers to tackle the under-recoveries that surfaced during this two-year period, he said at the briefing after the Cabinet meeting.
