Indian Oil Corp swung to a loss of ₹1,993 crore in the April-June quarter from a profit of ₹5,941 crore a year earlier as its inability to raise fuel prices more than offset gains from record-high refining margins.
Revenue from operations rose 62% year on year to ₹2,51,933 crore on higher prices.
The company reported a gross refining margin (GRM) of $31.51 per barrel for the quarter as against $6.58 per barrel in the corresponding quarter of the previous year. The core GRM after offsetting inventory loss or gain comes to $25.34 per barrel. "However, the suppressed marketing margins of certain petroleum products have offset the benefit of increase in GRM," Indian Oil said.
In almost all of the April-June quarter, the oil marketing companies (OMCs) kept retail prices unchanged while international fuel prices rose, resulting in losses for Indian Oil and other OMCs.
Revenue from operations rose 62% year on year to ₹2,51,933 crore on higher prices.
The company reported a gross refining margin (GRM) of $31.51 per barrel for the quarter as against $6.58 per barrel in the corresponding quarter of the previous year. The core GRM after offsetting inventory loss or gain comes to $25.34 per barrel. "However, the suppressed marketing margins of certain petroleum products have offset the benefit of increase in GRM," Indian Oil said.
In almost all of the April-June quarter, the oil marketing companies (OMCs) kept retail prices unchanged while international fuel prices rose, resulting in losses for Indian Oil and other OMCs.
Experience Your Economic Times Newspaper, The Digital Way!
Read More News on
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.
