Indian Oil Corporation (IOC) on Friday reported a net loss of Rs 1,992.53 crore for the June quarter because of a freeze on petrol, diesel and LPG prices despite rising input costs.
Net loss of Rs 1,992.53 crore in April-June compared to Rs 5,941.37 crore of net profit in the same period a year back, the company said in a stock exchange filing.
This is this quarterly loss in over two years. The company had in January-March 2020 reported a net loss because of inventory losses.
State-owned fuel retailers – IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) – did not change the prices of petrol and diesel during the quarter despite rates of crude oil (raw material for making fuel) climbing above USD 100 per barrel.
