OMCs Qiarterly Result: Public sector petroleum marketing companies IOC, BPCL and HPCL have reported a total loss of Rs 2,748.66 crore for the second consecutive quarter in July-September. The one-time payment for LPG by the government could not make up for the loss caused by the fall in the prices of petrol and diesel. Three fuel retailers told stock exchanges that the loss to the companies was due to fall in marketing margins on petrol, diesel and domestic LPG.
The loss was reduced by a one-time government grant of Rs 22,000 crore given to compensate for the loss incurred on selling LPG at below cost rates in the last two years.
Petroleum Minister Hardeep Singh Puri indicated last week that his ministry would seek assistance from the finance ministry to compensate for the losses it has incurred on maintaining petrol and diesel prices since the Ukraine war to help the government fight inflation. . On November 2, he asked whether the reduction in prices was in line with the softening of international oil prices. Said, ‘‘OMCs (petroleum marketing companies) are still incurring losses on the sale of diesel.’’ Domestic retail rates were capped at a level lower than the current international oil price of $97.75 a barrel.
Puri had said that petroleum companies softened prices during times of extreme volatility to help consumers. Compared to last year’s record earnings, all three companies have made losses in the first half.
Twitter: Twitter user at ‘alltime high’, Elon Musk tweets claim