Final Up to date: July 29, 2022, 17:07 IST
IOC, BPCL and HPCL didn’t change the costs of petrol and diesel through the jUNE 2022 quarter.
Indian Oil Company’s earned $31.81 on turning each barrel of crude oil into gas on the refinery gate versus a gross refining margin of $6.58 per barrel in April-June 2021
Indian Oil Company (IOC) on Friday reported a web lack of Rs 1,992.53 crore for the June quarter due to a freeze on petrol, diesel and LPG costs regardless of rising enter prices. Internet lack of Rs 1,992.53 crore in April-June in comparison with Rs 5,941.37 crore of web revenue in the identical interval a yr again, the corporate mentioned in a inventory alternate submitting.
The corporate had in January-March 2020 reported a web loss due to stock losses. State-owned gas retailers – IOC, Bharat Petroleum Company Ltd (BPCL) and Hindustan Petroleum Company Ltd (HPCL) – didn’t change the costs of petrol and diesel through the quarter regardless of charges of crude oil (uncooked materials for making gas) climbing above USD 100 per barrel.
These losses negated report refining margins. IOC earned USD 31.81 on turning each barrel of crude oil into gas on the refinery gate versus a gross refining margin (GRM) of USD 6.58 per barrel in April-June 2021. The core margin, after offsetting stock losses, was USD 25.34 per barrel.
“Nonetheless, the suppressed advertising and marketing margins of sure petroleum merchandise have offset the advantage of a rise in GRM,” the corporate mentioned in notes to its accounts.
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