OMCs’ net soars higher than pre-oil crisis
Combined net profit of IOC, BPCL & HPCL was Rs 69k cr in Jan-Nov as against Rs39,356 cr in pre-oil crisis and a combined net loss of Rs1,201.18 cr during Apr-Sept 2022
image for illustrative purpose
New Delhi: State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) reported bumper profit totalling over Rs69,000 crore in the first nine months of the current fiscal, which far exceeded their annual earning in pre-oil crisis years.
The combined net profit of IOC, BPCL and HPCL in April-December FY24 was better than their annual earning of Rs39,356 crore in pre-oil crisis year, regulatory filings by them showed. The retailers have resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that their past losses have not been fully recouped.
The three companies, which control roughly 90 per cent of India’s fuel market, ‘voluntarily’ have not changed petrol, diesel and cooking gas (LPG) prices for almost two yeaRsnow, resulting in losses when input cost was higher and profits when raw material prices were lower. They posted a combined net loss of Rs1,201.18 crore during April-September 2022 despite accounting for Rs22,000 crore announced, but not paid LPG subsidy for the previous two years.
