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Rs 75,000 cr OMC loss: Oil ministry working on plan to offset losses. Companies seek financial support; Finance Ministry nod needed before proposal goes to Cabinet
The Oil Ministry is working on a proposal to compensate state-run oil marketing companies for losses incurred from selling fuel below market rates during the April–June quarter. Hopes of recovering these losses have diminished as crude oil prices have risen again. The government now faces a difficult decision on compensation amid uncollected taxes. Inter-ministerial discussions are expected to take several weeks or even months before a final decision is reached.
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economictimes.indiatimes.com
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Rs 75,000 cr OMC loss: Oil ministry working on plan to offset losses. Companies seek financial support; Finance Ministry nod needed before…
The Oil Ministry is working on a proposal to compensate state-run oil marketing companies for losses incurred from selling fuel below market rates during the April–June quarter.…
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Top OMCs post losses with government weighing relief measures
State-run oil companies HPCL and BPCL reported significant losses for the April-June quarter. This occurred as they sold petrol, diesel, and LPG below market rates. Elevated…