IOC, BPCL, HPCL may post Rs 10,700 crore loss in Q1, says report
Indian Oil Corporation (IOC), Bharat Petroleum and Hindustan Petroleum may post a combined loss of Rs 10,700 crore in June quarter on selling petrol and diesel at rates below cost, a report said on Monday.
While the raw material (crude oil) prices soared in April-June, petrol and diesel prices were not revised, leading to marketing losses which offset strong refining margins, ICICI Securities said in the report.
The three state-owned oil marketing companies — IOC, BPCL and HPCL — control 90 per cent of the retail petrol and diesel sales in the country. They also own refineries that turn crude oil into fuel such as petrol and diesel.
