Rs 30,000 crore Budget support for oil companies amid fuel losses
NEW DELHI: The government proposes to give Rs 30,000 crore to state-run oil refiner-cum-fuel retailers in 2023-24 as “capital support”, which, officials said, would be spent on building low-carbon infrastructure but industry analysts described as an indirect subsidy to their losses on fuel sales.
Officials explained the Budget provision saying the companies have to invest in technology to reduce their carbon footprint, including shifting to green hydrogen in their refineries and expand blending facility for producing 20% ethanol blending. The money is mean to support transition to low-carbon processes.
