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Govt may utilise funds from windfall tax to help oil marketing companies stay in shape

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Govt may utilise funds from windfall tax to help oil marketing companies stay in shape

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State-run oil marketing companies could be in for some relief. CNBC-TV18 learns that the government is likely to use funds mobilised through windfall gains tax to help oil marketing companies (OMCs) stay in shape.

State-run oil marketing companies (OMCs) could be in for some relief as the government is likely to use funds mobilised through windfall gains tax to help the companies stay in shape.

The government feels PSU OMCs need help right now as they have incurred a huge loss of Rs 18,500 crore alone in Q1FY23. As things stand, OMCs are taking losses for every litre of diesel being sold. However, they are not losing any more due to petrol.
The government is also contemplating a mechanism to funnel funds to OMCs and soon stakeholders will hold discussions to see how best these funds can be utilized.
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