Bharat Petroleum Corporation Ltd (BPCL) on Wednesday reported a 82 per cent decline in net profit in the quarter ended March 2022 as the firm held fuel prices despite rise in cost.
Net profit of Rs 2,130.53 crore was reported in the January-March period as compared with Rs 11,940.13 crore, according to a regulatory filing.
Revenue from operations rose 25 per cent to Rs 1.23 lakh crore on higher oil prices but losses on petrol, diesel and domestic LPG sales dented the financials.
BPCL and other public sector oil companies held petrol and diesel prices for a record duration despite a surge in the cost of raw materials (crude oil) to a 14-year high. These companies started raising fuel prices March 22 onwards but it was ceased within 16 days.
