IOC Q1 Results: IOC posts Rs 1,992.53 crore net loss in Q1 on petrol, diesel price freeze | India Business News – Times of India
NEW DELHI: Indian Oil Corporation (IOC) on Friday reported a net loss of Rs 1,992.53 crore for the June quarter because of a freeze on petrol, diesel and LPG prices despite rising input costs. Net loss of Rs 1,992.53 crore in April-June compared to Rs 5,941.37 crore of net profit in the same period a year back, the company said in a stock exchange filing.
This is this quarterly loss in over two years. The company had in January-March 2020 reported a net loss because of inventory losses.
State-owned fuel retailers – IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) – did not change the prices of petrol and diesel during the quarter despite rates of crude oil (raw material for making fuel) climbing above $100 per barrel.
These losses negated record refining margins. IOC earned $31.81 on turning every barrel of crude oil into fuel at the refinery gate as opposed to a gross refining margin (GRM) of $6.58 per barrel in April-June 2021.
The core margin, after offsetting inventory losses, was $25.34 per barrel.
“However, the suppressed marketing margins of certain petroleum products have offset the benefit of an increase in GRM,” the company said in notes to its accounts.
This is this quarterly loss in over two years. The company had in January-March 2020 reported a net loss because of inventory losses.
State-owned fuel retailers – IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) – did not change the prices of petrol and diesel during the quarter despite rates of crude oil (raw material for making fuel) climbing above $100 per barrel.
These losses negated record refining margins. IOC earned $31.81 on turning every barrel of crude oil into fuel at the refinery gate as opposed to a gross refining margin (GRM) of $6.58 per barrel in April-June 2021.
The core margin, after offsetting inventory losses, was $25.34 per barrel.
“However, the suppressed marketing margins of certain petroleum products have offset the benefit of an increase in GRM,” the company said in notes to its accounts.
For all the latest business News Click Here
Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
