NEW DELHI: The Union Budget for 2023-24 will dole out Rs 30,000 crore to state-owned fuel retailers to make up for the massive losses they ran because of holding petrol and diesel prices despite rise in cost in a bid to help the government contain inflation.
Finance Minister Nirmala Sitharaman has allocated the money under the head “capital support to oil marketing companies”. It offered no explanation why the blue chip, cash rich oil PSUs should need capital support.
Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) haven’t changed petrol and diesel prices since April 6, 2022, despite input crude oil prices rising from $102.97 per barrel that month to $116.01 per barrel in June and falling to $80.92 per barrel this month.
Holding prices when input cost was higher than retail selling prices led to the three firms posting net earnings loss. They posted a combined net loss of Rs 21,201.18 crore during AprilSeptember despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for past two years.
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