BPCL, GAIL, HPCL, ONGC, IOC, to spend Rs 1.11 trillion capex during 2022-23

Bharat Petroleum Corporation Limited (BPCL), GAIL (India) Limited, ONGC, IOCL, HPCL and Oil India Limited (OIL) plan to invest around Rs 1.1 trillion during 2022-23. These public sector enterprises will invest 7.4 per cent more capital during 2022-23 compared to around Rs 1.04 trillion during 2021-22. The government is planning to extend a subsidy of Rs 40 billion for domestic cooking gas, that is, liquefied petroleum gas, down from Rs 12.4 billion in 2021-22. ONGC, IOCL, GAIL, BPCL, HPCL and OIL expect to invest Rs 299.5 billion, Rs 285.49 billion, Rs 75 billion, Rs 100 billion, Rs 145 billion and Rs 43 billion respectively, in 2022-23. BPCL is the only company whose capital expenditure is expected to decline in 2022-23 as compared to 2021-22.

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