BPCL Sept quarter net loss rises

State-run Bharat Petroleum Corporation Ltd (BPCL) on Monday reported a net loss of Rs 3,229 crore for the quarter ended September 2011. BPCL had posted a net profit of Rs 2,142 crore in the corresponding previous quarter last year. During the quarter, BPCL's net sales increased 19.4 per cent to Rs 42,282 crore as compared to Rs 35,416 crore in the same quarter last year. 

"The results for the quarter has been adversely affected due to impact on account of high crude oil and product prices which could not be fully passed on to consumers," the company said in a press statement.

BPCL's scrip was trading at Rs 623.25, down 2.27 per cent on the Bombay Stock Exchange.

BPCL is losing Rs 7.06 per litre on diesel, Rs 25.90 per litre on kerosene sold through the public distribution system (PDS) and Rs 270.50 per 14.2-kg LPG cylinder supplied to domestic households for cooking purposes.

The oil marketing companies are at present incurring a daily loss of about Rs 272 crore on sales of diesel, kerosene and domestic LPG. So far, state run oil retailers have lost Rs 64,900 crore on selling diesel, domestic LPG and kerosene at government-controlled rates that are way below the cost of production.

Of this, Rs 43,526 crore pertains to the first quarter ending June 30 and the remaining Rs 21,374 crore is for the July-September quarter.

BPCL's scrip was trading at Rs 623.25, down 2.27 per cent % on the Bombay Stock Exchange.