Hindustan Petroleum Corporation Ltd (HPCL) on Saturday reported its highest ever quarterly net loss of Rs 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 Rs 10,196.94 crore during April-June compares with a net profit of Rs 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 USD 109 per barrel but the retail pump rates were aligned to about USD 85-86 a barrel cost.
