The three firms – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) – sell domestic LPG at government-regulated prices to consumers.
THE CABINET on Wednesday approved a one-time grant of Rs 22,000 crore to three state-owned fuel companies to cover their losses incurred over selling cooking gas LPG below cost over the past two years.
The three firms – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) – sell domestic LPG at government-regulated prices to consumers. The grant will be for the losses they incurred on selling LPG below cost to consumers from June 2020 to June 2022.