Govt plans to give worth Rs 35,000 cr LPG subsidy to IOC, BPCL, HPCL

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Govt plans to give worth Rs 35,000 cr LPG subsidy to IOC, BPCL, HPCL - Business Standard

Quick Summary:

The government is likely to provide a subsidy of Rs 35,000 crore to state-owned Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) to make up for losses they incurred on selling the fuel this fiscal, sources said.

The three fuel retailers have kept the price of domestic LPG unchanged at Rs 803 per 14.2-kg cylinder since March 2024 despite a rise in input raw material cost.

This led to under-recoveries on LPG sales, and the resultant drastic fall in their earnings in the April-September (first half of current 2024-25 fiscal year).