MODI GOVT’S DIWALI BONUS!

New Delhi: The Central government on Wednesday approved Rs 22,000 crore as a onetime grant for state-run oil marketing companies (PSU OMCs) for losses incurred due to domestic LPG prices. The government said that between June 2020 to June 2022, the international prices of LPG increased by around 300%. Accordingly, domestic LPG prices have risen only by 72% during this period. This has led to significant losses for these OMCs, the government said. The Union Cabinet headed by Prime Minister Narendra Modi approved one-time grant to 3 oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL).