
India approves $3.4 billion payout to state-run refiners for cooking gas losses
The compensation, approved by Prime Minister Narendra Modi's cabinet, would be paid to state-run Indian Oil Corp (IOC.NS), opens new tab, Bharat Petroleum Corp (BPCL.NS), opens new tab and Hindustan Petroleum Corp (HPCL.NS), opens new tab in 12 tranches, according to a government statement.
It will allow state-run oil companies to continue crude procurement, debt servicing, and sustaining capital expenditure, the statement said.
"As gas prices are impacted by geopolitics, the subsidy will insulate the country's middle-class families from any negative impact," Vaishnaw said at a briefing.
The government also allocated 120.6 billion rupees towards a scheme to provide subsidised cooking gas connections to women from nearly 100 million poor households.
($1 = 87.6880 Indian rupees)
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The Guardian
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- The Guardian
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