Indian Oil Corporation reports ₹272 crore loss in Q2 on the back of selling petrol and diesel below cost

IOC and other state-owned fuel retailers had booked heavy losses in the first quarter of the current fiscal as they did not revise the prices to help the govt. contain inflation

New Delhi, Oct 29 (PTI) State-owned Indian Oil Corporation (IOC) on Saturday reported a net loss of ₹272.35 crore for July-September - the second straight quarter of loss arising from selling petrol, diesel and cooking gas LPG at rates below cost.

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

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.

In April-June (the first quarter of 2022-23 fiscal), IOC booked a net loss of ₹1,992.53 crore.

For the first half of the current fiscal, the company has now accumulated a ₹2,264.88 crore net loss against a profit of ₹12,301.42 crore in the year-ago period.

The revenue from operations soared to ₹2.28 lakh crore in July-September from ₹1.69 lakh crore a year back, the filing showed.