IOC sold petrol at Rs 10 a litre loss, diesel at Rs 14
Indian Oil Corporation sold petrol at a loss of Rs 10 per litre and diesel at Rs 14 a litre during April-June, leading to the firm reporting its first quarterly net loss in over two years, a report said.
The nation’s largest oil refining and fuel retailing firm reported a 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 and Rs 6,021.9 crore in the preceding January-March quarter.
“IOC (Indian Oil Corporation) reported an 88 per cent year-on-year decline in its standalone EBITDA to Rs 1,358.9 crore and a net loss of Rs 1,992.5 crore, despite record high gross refining margins (GRMs) of USD 31.8 per barrel for the quarter.
