OMC capital infusion plan for FY24 scaled down

The capital infusion plan for state-run oil marketing companies (OMCs) may turn out to be much lower than the budgeted level of Rs 30,000 crore in the current fiscal.

The government is weighing the option of releasing only a part of the budgeted amount in the current fiscal, and balance in subsequent years if found necessary after assessing the financial position of these companies, according to official sources.

In the Budget 2023-24 presented on February 1, the government announced the equity investment plan for the three OMCs — IOC, BPCL and HPCL — towards energy transition and net-zero objectives.