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REFINING

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.

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