Govt spends ₹1.23 lakh crore to absorb oil price hikes for 78 days: Report

The government supported Oil Marketing Companies (OMCs) by forgoing ₹1.23 lakh crore in revenue to keep oil prices unchanged for 78 days, reported PTI, citing sources. This aimed to avoid passing burden onto consumers amid the Iran war crisis. The government's ₹2.7/litre fuel price hike was expected to help OMCs cut their overall losses by nearly 44%, the report added.