Oil PSUs under the Ministry of Petroleum and Natural Gas will spend ₹1,11,354.01 crore in the next financial year beginning April 2022. The allocation is higher by 6.2 per cent compared to the budget expenditure of ₹1,04,870.29 crore in FY22. The revised expenditure in the current financial year is ₹1,04,029.32 crore. Compared to FY21, the budget allocation for spending by oil PSUs is higher by 13 per cent from ₹98,521.56 crore. The actual expenditure in FY21 stood at ₹1,11,922.41 crore. A sector-wise breakup of the total oil PSU expenditure for FY23 showed that allocation for exploration and production across all related PSUs is higher by 2.2 per cent to ₹50,535.98 crore in FY23 compared to ₹49,435.68 crore in FY22. The revised expenditure for FY22 is ₹48,456.54 crore. Similarly, the budget expenditure next fiscal on refinery and marketing is higher on an annual basis by 8.2 per cent at ₹53,876.35 crore from ₹49,803.58 crore. The revised expenditure in FY22 on this sector stood at ₹49,366.97 crore.
Petrochemicals sector
In the petrochemicals sector, the government’s budget expenditure is higher by 24 per cent year-on-year (Y-o-Y) at ₹6,741.68 crore in FY23 compared to ₹5,441.03 crore in FY22. The revised expenditure made in FY22 was ₹6,015.81 crore.
The Budget has allocated ₹200 crore for the engineering sector PSUs under the MoPNG, which is higher by 5.3 per cent on an annual basis from ₹190 crore in FY22. The revised expenditure in FY22 was the same at ₹190 crore. The allocation for IOCL, BPCL, HPCL as well as Balmer & Lawrie is largely flat in FY23 compared to FY22, while there is an uptick in expenditure for ONGC, GAIL and Engineers India. On the other hand, the expenditure for ONGC Videsh is lower. Oil exploration major ONGC will spend ₹29,950 crore in FY23, which is marginally higher from the expenditure (BE) of ₹29,800 crore in FY22. The revised expenditure in FY22 by the company stood at ₹30,500 crore. For its overseas arm ONGC Videsh, the budgeted expenditure is fixed at ₹8,180.01 crore against ₹8,379.99 crore in FY22. The company’s revised expenditure in FY22 was ₹5,620.01 crore. Oil refining giant, Indian Oil Corporation will spend ₹23,083.35 crore on refining and marketing operations in FY23, which is lower by 5 per cent compared to FY22. The revised expenditure on refining & marketing this fiscal stood at ₹ 23,185.21 crore. Overall, the company will spend ₹28,549 crore in FY23. The expenditure by Hindustan Petroleum Corporation is flat at ₹14,500 crore in the next financial year, which is on refining and marketing operations. Its revised expenditure in FY22 stood at ₹13,510 crore. Whereas, the expenditure by Bharat Petroleum Corporation is also flat at ₹10,000 crore during the same period. The revised expenditure this fiscal stood at ₹10,500 crore. Gas utility GAIL will spend ₹7,500 crore in FY23, which is higher by 23 per cent compared to ₹6,111.2 core in FY22. The revised expenditure by the company in FY22 stood at ₹7,160.45 crore.