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The government is likely to provide a subsidy of ₹35,000 crore to state-owned Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) to make up for losses they incurred on selling the fuel this fiscal, sources said.
The companies have kept the 14.2-kg LPG cylinder price at ₹803 since March 2024, despite rising costs, leading to an estimated ₹40,500 crore under-recovery this fiscal year. The government plans to distribute the ₹35,000 crore subsidy over two financial years, with ₹10,000 crore in 2024-25 and ₹25,000 crore in 2025-26.
Published on January 10, 2025
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