NEW DELHI: State-owned Indian Oil (IOC), Hindustan Petroleum (HPCL) and Bharat Petroleum (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. They have also not changed cooking gas LPG rates in tandem with cost. IOC on July 29 posted a net loss of Rs 1,995 crore for the April-June quarter. On Saturday, HPCL reported its highest ever quarterly loss of Rs 10,197 crore and BPCL posted a loss of Rs 6,291 crore.
