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IOC reports Rs 272 crore net loss in Q2 on back of selling petrol, diesel below cost

IOC as well as other state-owned fuel retailers had booked heavy losses in the first quarter of the current fiscal as they did not revise petrol, diesel and cooking gas LPG prices in line with the cost to help the government contain runaway inflation.

October 29, 2022 / 06:31 PM IST
IOC

IOC

State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of Rs 272.35 crore for July-September despite booking over Rs 10,800 crore of LPG subsidy it received from the government after the quarter ended.

The net loss of Rs 272.35 crore compares to a profit of Rs 6,360.05 crore in July-September 2021, according to a company's filing with the stock exchanges.

The decline comes on the back of a Rs 1,992.53 crore loss incurred in the previous April-June quarter. This is the first time that IOC has booked losses in two straight quarters - all because it sold petrol, diesel and cooking gas (LPG) at rates below cost.

The loss in the second quarter of the current fiscal was despite accounting for Rs 10,801 crore of one-time grant that the government had announced on October 12.