New Delhi, June 9 -- The government extended financial support of approximately Rs 1.23 lakh crore to Oil Marketing Companies to cushion under-recoveries caused by the West Asia conflict and shield consumers from rising crude oil prices, central government sources said.

The sources told ANI that the support was extended for the initial 78 days of the conflict and includes excise duty cuts.

The government sources said the under-recoveries of Oil Marketing Companies continue to remain "at a high level of 652 crores per day following the increase in import of crude oil and gas.

The daily burn has kept pressure on OMC margins as global crude prices stayed elevated through the conflict period.

The financial package for OMCs was aimed at pr...