Cash Bonanza For Oil Marketing Companies: There is news of big relief for the loss making oil marketing companies from the government. This Diwali gift is being considered for companies. the government is giving big cash bonanza to Oil Marketing Companies (OMCs). To compensate for the loss of LPG on behalf of the government, an allocation of 22 thousand crores has been approved from the cabinet.
Companies selling gas cylinders below the market rate
Let us tell you that government oil companies are selling LPG gas cylinders below the market rate. This is causing them great harm. In such a situation, the government is giving them relief through subsidy. Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited will benefit from this decision of the government.
28,000 crore was
demanded. But the Finance Ministry gave G approval of 22,000 crores. This step is being taken by the government at a time when companies are running in huge losses due to international price. Companies are compelled to sell oil within the limit fixed by the government.
BPCL shares will rise!
Stock expert Ambareesh Baliga said this is positive news for the market. Crude is coming down, after this update, the stock of government oil companies can be seen rising. After this, the stock of BPCL is likely to rise. At present it is trading at around Rs 300. In the coming time it can go up to 340. So it is advisable to buy it.
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