{"id":529286,"date":"2022-10-13T12:00:54","date_gmt":"2022-10-13T06:30:54","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=529286"},"modified":"2022-10-13T12:00:54","modified_gmt":"2022-10-13T06:30:54","slug":"cabinet-clears-%e2%82%b922k-cr-boost-for-three-oil-psus","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/cabinet-clears-%e2%82%b922k-cr-boost-for-three-oil-psus\/","title":{"rendered":"Cabinet clears \u20b922k-cr boost for three oil PSUs"},"content":{"rendered":"<p>The Cabinet on Wednesday approved a one-time grant of \u20b922,000 crore to state-run oil marketing companies that lost money selling cooking gas below cost, a move aimed at helping the three firms \u2013 they incurred a combined net loss of \u20b918,500 crore in the first quarter of 2022-23 \u2013 improving the health of their profit and loss statements. They are expected to post a higher loss in the second quarter.<\/p>\n<p>Announcing the decision after the Cabinet meeting, Union information and broadcasting minister Anurag Thakur said the one-time grant to the three oil marketing companies (OMCs) is to offset their losses on selling liquefied petroleum gas (LPG) between June 2020 and June 2022. The three OMCs are \u2013 Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL).<\/p>\n<p>Even as LPG rates jumped over 300% in many countries, public sector oil marketing companies kept the rates of cooking gas low to shield the Indian consumer, he said. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Cabinet on Wednesday approved a one-time grant of \u20b922,000 crore to state-run oil marketing companies that lost money selling cooking gas below cost, a move aimed at helping the three firms \u2013 they incurred a combined net loss of \u20b918,500 crore in the first quarter of 2022-23 \u2013 improving the health of their profit and loss statements. They are expected to post a higher loss in the second quarter. Announcing the decision after the Cabinet meeting, Union information and broadcasting minister Anurag Thakur said the one-time grant to the three oil marketing companies (OMCs) is to offset their losses [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[141,130,183],"tags":[],"class_list":["post-529286","post","type-post","status-publish","format-standard","hentry","category-hindustantimes","category-newspapers","category-oil-gas-hindustantimes"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/529286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=529286"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/529286\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=529286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=529286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=529286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}