Indian Oil Corporation (IOC) on Friday reported a internet lack of Rs 1,992.53 crore for the June quarter due to a freeze on petrol, diesel and LPG costs regardless of rising enter prices.
Net lack of Rs 1,992.53 crore in April-June in comparison with Rs 5,941.37 crore of internet revenue in the identical interval a 12 months again, the corporate stated in a inventory alternate submitting.
This is that this quarterly loss in over two years. The firm had in January-March 2020 reported a internet loss due to stock losses.
State-owned gasoline retailers – IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) – didn’t change the costs of petrol and diesel through the quarter regardless of charges of crude oil (uncooked materials for making gasoline) climbing above USD 100 per barrel.
These losses negated report refining margins. IOC earned USD 31.81 on turning each barrel of crude oil into gasoline on the refinery gate versus a gross refining margin (GRM) of USD 6.58 per barrel in April-June 2021.
The core margin, after offsetting stock losses, was USD 25.34 per barrel.
“However, the suppressed marketing margins of certain petroleum products have offset the benefit of an increase in GRM,” the corporate stated in notes to its accounts.
