Government sources said today that the cabinet is likely to agree to support nearly 30,000 rupees of oil marketing companies to help stabilize liquefied oil gas.
The support, which is expected to be cleared at the cabinet meeting scheduled for one o’clock in the afternoon today, aims to compensate for the losses incurred by the oil companies run by the country that sells cooking gas without market prices.
This relief will target companies such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation – which carries global price fluctuations to maintain the ability to withstand local costs.
By injecting this capitalist support, the government seeks to protect consumers from high prices amid inflationary pressure and high crude oil costs.
No official confirmation was issued by the Ministry of Petroleum and Natural Gas at the time of reports.
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