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Economy

India to grant $2.67bn to state-run oil marketing companies

Three retailers to be compensated for losses from below-cost cooking gas sales

Prime Minister Narendra Modi says his government will provide a one-time grant to state-run fuel retailers amid the surge in global fuel prices.   © Reuters

NEW DELHI -- The Indian government on Wednesday announced a one-time grant of 220 billion rupees ($2.67 billion) to help three state-run fuel retailers cover losses incurred by selling liquefied natural gas below market prices.

The move comes as global prices for the gas, used for cooking in India, have surged in recent years.

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