Indian Oil Corp. Posts Q2 Loss Against Soaring Margins

Indian Oil Corp. posted its first loss in over two years in Q2 despite surging margins as the refiner sold fuel at a discount to the domestic market while its operating costs leapt. IOC’s loss was19.93 billion Indian rupees ($251.34 million) for the quarter ended June 30 compared with a profit of 59.41 billion rupees a year earlier.

• IOC has not revised pump prices in months, helping the government to shield end consumers from soaring fuel prices.
• Revenue from operations surged about 63% to 2.52 trillion rupees, while expenses jumped about 73% to 2.55 trillion rupees.
• IOC’s gross refining margin was $31.81 per barrel in the three months to June, compared with $6.58 per barrel a year earlier.
• IOC said it sold 24.6 million tonnes of petroleum products, including exports, while its refining throughput was 18.9 million tonnes during Q2.