Cabinet gives nod to Rs 30,000 crore compensation to Oil Marketing Companies
The Union Cabinet has given its nod to a budgetary support of Rs 30,000 crore to three public sector Oil Marketing Companies (OMCs) for under recoveries. Indian Oil Corp., Bharat Petroleum Corp. Ltd., and Hindustan Petroleum Corp. Ltd would get the support under this package.
This decision comes on the back of the current complex geopolitical landscape and the prevailing uncertainties in the oil and gas sector.
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