Modi Govt Project: After three consecutive months of decline in real inflation, retail inflation in the country has picked up again. Retail inflation rose to 7 percent in August from 6.71 percent in July. To provide relief to the public from rising inflation, the government has prepared a new scheme. It was recently reported that oil companies are not making losses on gas cylinders and petrol. And now they are making losses in diesel sales.
20,000 crore proposed
The government is considering giving Rs 20,000 crore to state-owned fuel retailers such as Indian Oil Corporation (IOC) to offset losses incurred by oil companies and provide relief to the nation from inflation. The government is trying to compensate the fuel sellers for the loss caused by this. Due to this, the price of household gas cylinder is likely to decrease in the coming times. Meanwhile, LPG cylinder price is currently Rs.1053 this month. The price hike has reached an all-time high.
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Efforts to keep petrol and diesel prices under control
In fact, the government is trying to keep domestic gas prices under control just like petrol and diesel prices. People informed about this said that government oil companies should buy crude oil at international prices and sell it in price sensitive markets.
28,000 crore was asked by the Oil Ministry
According to media reports, the oil ministry has sought compensation of Rs 28,000 crore to compensate the companies for their losses. But the finance ministry is in favor of paying Rs 20,000 crore in cash. No final decision has been taken on the matter yet. The three largest state-run fuel retailers supply more than 90% of the country’s petroleum fuel needs.
Currently, the price of crude oil in the international market is running at a low level for the last 7 months. WTI crude oil fell to $87.58 a barrel and Brent crude fell to $93.78 a barrel. It is to be noted that as the price of crude oil has decreased, the losses incurred by the oil companies have also decreased.
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