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Government Oil Companies Absorbing Rs 550 Crore Daily Loss to Shield Consumers

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New Delhi, May 27 (IANS) Under the direction of the government, the public sector oil companies are currently absorbing losses on the sale of petrol, diesel, and LPG to the tune of Rs 550 crore per day as they have refrained from passing on the full increase in global prices to protect domestic consumers, the Ministry of Petroleum and Natural Gas said on Wednesday.This cushion, which has been put in place due to the disruption caused by the West Asia crisis, is intended for the retail consumers:…