HPCL reports record loss of ₹10,196 crore on petrol, diesel price freeze
The Hindu
Revenue from the sale of products soared to ₹1.21 lakh crore
Hindustan Petroleum Corporation Ltd. (HPCL) on Saturday reported its highest-ever quarterly net loss of ₹10,196.94 crore in the June quarter as a freeze on petrol and diesel price revision wiped away record refining margins.
A standalone net loss of ₹10,196.94 crore during April-June compares with a net profit of ₹1,795 crore in the same period a year back, according to a company's filing with the stock exchanges.
During the quarter, HPCL and other State-owned fuel retailers Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd. (BPCL) did not revise petrol and diesel prices in line with rising costs to help the government contain runaway inflation.
The basket of crude oil India imports averaged ₹109 per barrel but the retail pump rates were aligned to about ₹85-86 a barrel cost.
Because of the freeze, IOC too reported a net loss of ₹1,992.53 crore for the June quarter.
Loss for IOC, which is nearly double the size of HPCL, was smaller as it had vast oil refining and petrochemical businesses to offset some of the losses on fuel marketing. HPCL on the other hand sells more fuel than it produces. To meet nearly one-fourth of the market that it controls, it has to buy petrol, diesel and LPG from refineries, who would sell the fuel at market price and not subsidised rates.
HPCL revenue from the sale of products soared to ₹1.21 lakh crore in the first quarter of the current fiscal year that began on April 1 from ₹77,308.53 crore a year back. This is mostly because of higher international oil prices.
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