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CCEA gives approval to Rs. 3,874 crore spending on stocking low priced oil

 

  • The Cabinet Committee on Economic Affairs has given ex facto approval to Rs. 3,874 crore spending on stocking low priced oil in India's 3 strategic underground crude oil storages.
  • It also allowed Abu Dhabi National Oil Co, which has hired a part of the strategic storage, to trade the stocked oil.
  • India saved over Rs. 5,000 crore when the country in April-May used low international oil prices to fill up its three strategic underground crude oil storages.