Indian oil corporation

The company during filing with the stock exchanges reported, the total net loss accounted for of Rs 272.35 crore as compared to a profit of Rs 6,360.05 crore in July-September last year. Along with IOC, other state-owned fuel retailers too booked heavy losses in the first quarter of the current fiscal as no revision was made in petrol, diesel and cooking gas LPG prices

The state-owned Indian Oil Corporation (IOC) recorded a net loss of Rs 272.35 crore for July-September quarter, on 29 October. This is the second straight quarter of loss that came from selling petrol, diesel and cooking gas LPG at rates lower than cost.

The company during filing with the stock exchanges reported, the total net loss accounted for of Rs 272.35 crore as compared to a profit of Rs 6,360.05 crore in July-September last year.

Along with IOC, other state-owned fuel retailers too booked heavy losses in the first quarter of the current fiscal as no revision was made in petrol, diesel and cooking gas LPG prices. This was done in line with the cost to help the government to get a hold on the inflation.

The IOC booked a net loss of Rs 1,992.53 crore, during April-June being the first quarter of 2022-23 fiscal.

Currently, in the first half of the fiscal year, the company has a accumulated net loss of Rs 2,264.88 crore against a profit of Rs 12,301.42 crore from last year. Its operations’ revenue surged to Rs 2.28 lakh crore in July-September with that from Rs 1.69 lakh crore a year back, according to the filing.