State-owned oil marketing companies IOC NSE -0.36 %, BPCL NSE -0.86 % and HPCL NSE -1.72 % posted a second consecutive quarterly loss totalling Rs 2,748.66 crore in July-September as a one-time LPG payout by the government could not mask the losses from petrol and diesel prices freeze. According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and domestic LPG.
The losses would have been higher but for the Rs 22,000 crore one-time government grant paid to make up for losses incurred on selling cooking gas LPG at rates below cost in the last two years.
