The three state-owned fuel retailers haven't changed auto fuel prices for over four months now to help the government contain runaway inflation.
According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and domestic LPG.
Indian Oil Corporation sold petrol at a loss of Rs 10 per liter and diesel at Rs 14 a liter during April-June, leading to the firm reporting its first quarterly net loss in over two years, a report said.
Due to the sale of petrol and diesel below cost, Indian Oil Corporation (IOC), Bharat Petroleum, and Hindustan Petroleum may suffer a total loss of Rs 10,700 crore in the June quarter, according to a report released on Monday.
At least 180 people have died and more than 89.13 lakh people suffered cumulatively across 34 districts since April 6 in one of the worst floods Assam witnessed in recent times.
In a stock exchange filing, IOC said its board has approved raising of Digboi refinery capacity from 0.65 million tonnes per annum to 1 million tonnes along with associated facilities at an estimated cost of Rs 740.20 crore.
The Singapore gross refining margin has touched the $20 per barrel mark, a level last seen in 2012
The three companies raised the rates by Rs 10 per litre over 16 days beginning March 22 before again hitting a pause button.
Net Sales are expected to increase by 45.2 percent Y-o-Y (up 20.5 percent Q-o-Q) to Rs. 2,37,521.9 crore, according to ICICI Direct.
India's top refiner informed market participants that Das, Eugene Island, Thunder Horse and Urals crude were no longer on the list of grades under its latest tender, which closes on Tuesday, the sources said.
Indian Oil Corporation (IOC) and L&T have additionally signed a pact to form a joint venture with equity participation to manufacture and sell electrolyzers used in the production of green hydrogen.
The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents.
IOC said it has obtained nine licences to sell gas to households, automobiles and small industries, representing about a third of the demand potential in 61 geographical areas in various states that were recently auctioned by the Petroleum and Natural Gas Board.
That could reach $2 billion when new figures are expected this year. Sponsors include big household names like Coca-Cola, Procter & Gamble, Visa, Toyota, Airbnb, and Panasonic.
The pipeline, which will have a nameplate capacity of 17.5 million tonne per annum, will transport imported crude oil from the Gujarat coast to the firm’s refinery in Haryana, the company said in a statement.
IOC bid for 53 out of 61 geographical areas or GAs that received bids in the 11th city gas licensing round that closed on December 15, according to bid details made public by the sector regulator — Petroleum and Natural Gas Regulatory Board (PNGRB).
IOC had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives.
If Avenue Supermart is included in F&O by mid-February, it will be guaranteed an inclusion in the Nifty 50 index