IOC posts Rs 1,993-crore loss on fuel price freeze
State-owned Indian Oil Corporation (IOC) on Friday reported a Rs 1,993 crore loss due to selling petrol and diesel at a loss during the first quarter of the current fiscal. The company reported Rs 5,914 crore net profit in the same quarter last fiscal.
Along with its peers in oil marketing space, IOC has not raised retail prices for transport fuels in proportion to the rise in crude oil prices. This eroded gains in average gross refining margin (GRM) that zoomed to $31.81 per barrel in Q1FY23 compared with $6.58 a barrel in the same quarter last fiscal.
