New Delhi, Aug. 8 -- The Union Cabinet chaired by Prime Minister Narendra Modi on Friday approved LPG subsidy to oil marketing companies (OMCs) amounting to Rs.30,000 crore, Union I&B Minister Ashwini Vaishnaw said.

The move has been taken to ensure affordable LPG for the middle class amid the current geopolitical situation, Vaishnaw said.

"To ensure that the LPG gas is affordable for the middle class, a subsidy of Rs.30,000 cr has been approved...In present geopolitics, gas prices fluctuate and to take care of that, the subsidy is given," he said in a briefing after the Cabinet meeting.

The compensation will be paid in 12 tranches to state-owned OMCs including Indian Oil, Bharat Petroleum and Hindustan Petroleum, the Ministry of Petro...