3 PSU oil companies post highest-ever H1 loss of Rs 21,201 crore on fuel price freeze
NEW DELHI: India’s top three state-run oil refiner-retailers have ran up a combined loss of Rs 21,201.18 crore in the first half of the current financial year due to an informal government-mandated freeze on retail prices of petrol and diesel.
This is the highest-ever loss posted by IndianOil, Hindustan Petroleum and Bharat Petroleum for any six-month period, including the time when the Centre set fuel prices and paid subsidy to these retailers.
For the quarter ending September, the companies posted a combined loss of Rs 2,748 crore, marking the second consecutive quarterly loss in spite of continuing robust refining margins.
