New Delhi, First Published Aug 6, 2022, 5:26 PM IST
Hindustan Petroleum Corporation (HPC) reported a loss of Rs 10,196.94 crore in the first quarter ended June due to non-increase in petrol and diesel prices for the past two months.
This information is given in the filing filed by HPCL in the Mumbai Stock Exchange.
However, in the first quarter ended April-June, HPCL’s net profit increased to Rs.1795 crore.
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HPCL, Indian Oil and Bharat Petroleum have not increased the prices of petrol and diesel for the last 2 months after the central government asked them to do so due to rising inflation in the country.
As a result, crude oil is bought at $109 per barrel in the international market, and petrol and diesel are sold at retail at $86 per barrel.
Indian Oil also suffered a loss of Rs 1,992 crore in the first quarter due to non-increase in petrol and diesel prices.
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HPCL’s Q1 revenue stood at Rs 1.21 lakh crore as against Rs 77,308 crore in Q1 last fiscal. The revenue has increased due to the increase in the price of crude oil in the international market.
At the same time, the loss was unprecedented in any quarter as petrol and diesel price hikes were held back.
Apart from this, due to depreciation of rupee against the dollar, HPCL had to incur an additional foreign exchange expense of Rs.945 crore.
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After 137 days since November last year due to 5 state elections, the oil companies increased the prices of petrol and diesel. Petrol, diesel hiked by Rs.10 per litre.
Then last May, the central government reduced the production tax on petrol and diesel. After that for the last 122 days, petrol and diesel prices have remained unchanged.
Last Updated Aug 6, 2022, 5:26 PM IST