Centre may allocate Rs 44,000 cr to oil firms to compensate for LPG losses

The central government is planning to allocate Rs 44,000 crore as compensation to oil companies for losses they have been bearing by selling LPG at below-market rates, a report said

The oil ministry is planning to allocate Rs 44,000 crore as compensation to state-run oil companies for the losses they have been bearing by selling domestic cooking gas at below-market rates, a report by The Economic Times reported, quoting people aware of the matter.

The petroleum and natural gas ministry would allocate the amount that would offset the losses of oil marketing firms on LPG sales in FY22 and FY23 and provide subsidies to Ujjwala customers this year, people aware of the development told ET. 

They added that the proposal by the oil ministry would likely be finalised soon and sent