State-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of Rs 18,480 crore on holding petrol and diesel prices despite a rise in cost.
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.
This wiped away gains from the record refining margin. IOC, HPCL and BPCL, which are supposed to revise petrol and diesel prices daily in line with cost, have not changed rates for four months now despite international oil prices shooting up.
