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The finance ministry has said that the government has halved the amount of equity infusion in state-owned fuel retailers to ₹15,000 crore to support their investments in energy transition projects.
Finance Minister Nirmala Sitharaman had on February 1 last year while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024) announced an equity infusion of ₹30,000 crore in Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to support the three state-owned firms' energy transition plans.
She had also proposed ₹5,000 crore for buying crude oil to fill strategic underground storages at Mangalore in Karnataka and Visakhapatnam in Andhra Pradesh that India has built to guard against any supply disruptions. The finance ministry said that the plan has also been deferred in view of emerging trends in oil markets.
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