Country’s largest retailer Indian Oil Corporation’s (IOC) sales rose to Rs 117,415.18 crore in October-December, 2013 or the third quarter of the current fiscal from Rs 116,458.88 crore in the corresponding period a year ago.
The company earned $4.56 on converting every barrel of crude oil into fuel as against a gross refining margin of $3.11 per barrel. This was informed by IOC Chairman RS Butola while announcing the company’s third quarter results.
However, it recorded net loss of Rs 961.45 crore in the December quarter as the Government paid less than half of the due oil subsidy, negating gains made from foreign exchange. IOC had posted a net profit of Rs 3,331.96 crore in the same period a year ago.
The company posted losses mainly on account of higher absorption of under recoveries on sale of sensitive petroleum products, the Chairman added. IOC absorbed Rs 7,192 crore after the Government did not pay full subsidy for selling lPG and kerosene lower rates.