Rakesh, that is not true, that is only true of socialist countries with nationalized oil companies. Nationalized oil companies are almost ALWAYS extremely poorly run due to the beauracracy involved.
The best is to become a Minister in this ministry. He benefits almost from inputs and outputs i.e. from frofits as well as losses. Ultimately, the public industry crumbles to pieces. kindly, study the conditions in India if you have time.