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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
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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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