Modi Govt Plan: After the decline in retail inflation for three consecutive months, the retail inflation rate has once again jumped in the country. Retail inflation rose to 7 per cent in August, from 6.71 per cent in July. To give relief to the public from rising inflation, the government has prepared a new plan. Recently, information was revealed from a report that oil companies are not making losses on gas cylinders and petrol. Now they are incurring loss on the sale of diesel.
To compensate for the losses of oil companies and give relief to the countrymen from inflation, the government is considering giving Rs 20,000 crore to government fuel retailers like Indian Oil Corporation (IOC) . With this, the government is trying to compensate the losses incurred by the fuel retailers. Due to this, the price of domestic gas cylinders may come down in the coming time. Right now the LPG cylinder remains at its all-time high of Rs.1053.
In fact, the government is trying to keep the
price of petrol and diesel under control along with domestic gas. Giving information on this, people with knowledge in this matter said that state-owned oil companies have to buy crude at international prices and sell it in price-sensitive markets. On the other hand, private companies have the flexibility to tap the stronger fuel export market.
Oil Ministry has asked for Rs 28000 crore
, according to the media report, the Oil Ministry has sought compensation of Rs 28000 crore to compensate the losses of the companies. But, the Finance Ministry is in favor of making a cash payout of Rs 20000 crore. No final decision has been taken on this matter yet. Let us tell you that the three big government fuel retailers, combined supply more than 90 percent of the country's petroleum fuel.
Let us tell you that at present the price of crude oil in the international market is running at the low level of the last 7 months. WTI crude fell to $ 87.58 a barrel and Brent crude to $ 93.78 a barrel. Due to the decrease in the price of crude, the losses being incurred by the oil companies have also come down.