New Delhi, First Published Aug 8, 2022, 11:48 AM IST
It has been reported that Indian Oil, Hindustan Petroleum and Bharat Petroleum have incurred a loss of Rs 18,000 crore in the current financial year as they have not raised the price of petrol and diesel.
All these 3 oil companies have disclosed this information in their filings to the Mumbai Stock Exchange. It has been reported that this loss has occurred due to the sale of petrol, diesel and domestic cooking cylinder below the market closing price.
Despite the huge increase in crude oil in the international market for the past 4 months, oil companies have not raised the prices of petrol and diesel domestically.
Indian Oil, HPCL, and PPCL have not revised the prices of petrol and diesel as the central government has asked them to control the inflation in the country.
However, the price of the cooking cylinder has not been revised. As of last July 29, Indian Oil has incurred a loss of Rs.1995 crore in the April-June quarter.
Hindustan Petroleum Company posted a loss of Rs 10,196 crore in the first quarter, while PPCL posted a loss of Rs 6,290 crore. Together these three companies have incurred a loss of Rs 18,480 crore.
From April to June, Indian Oil, BPCL and HPCL did not adjust the prices of petrol and diesel. As inflation was above 7 percent, prices were suspended without revisions.
Crude oil import cost for India is $109 per barrel. However, the price of petrol and diesel is sold at the level of 86 dollars per barrel of crude oil. The revision of the first price on April 6 has been suspended. These 3 companies have incurred huge losses due to selling petrol, diesel and cooking cylinders below the market price.
Last Updated Aug 8, 2022, 11:48 AM IST