Business Standard

IOC posts Rs 1,992-cr net loss on petrol, diesel price freeze in Q1

The company's revenue rose 63% to Rs 2.52 trillion as against Rs 1.55 trillion in Q1FY22

Indian Oil Corporation, IOC

The basket of crude oil India imports averaged USD 109 per barrel but the retail pump rates were aligned to about USD 85-86 a barrel cost

Press Trust of India New Delhi
Indian Oil Corporation (IOC) on Friday reported a net loss of Rs 1,992 crore in the June quarter as a freeze on petrol and diesel prices wiped away record refining margins.

Net loss of Rs 1,992.53 crore in April-June compares to Rs 5,941.37 crore of net profit in the same period a year back, the company said in a stock exchange filing.

Its revenue from operations rose to Rs 2.51 trillion in April-June from Rs 1.55 trillion, mostly because of higher international oil prices.

During the quarter, IOC and other state-owned fuel retailers Bharat Petroleum Corporation Ltd (BPCL) and Hindustan

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jul 29 2022 | 3:50 PM IST

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