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HomeBusinessPetrol And Diesel Prices Will Increase Again! Government Oil Company Gave This Big Signal

Petrol And Diesel Prices Will Increase Again! Government Oil Company Gave This Big Signal

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IOC Petrol-Diesel Price: While petrol and diesel prices have touched the sky in the country, the state-owned oil company Indian Oil Corporation (IOC) has sold petrol at a loss of Rs 10 per litre in the April-June quarter of the current financial year. Is sold. Apart from this, the company has suffered a loss of Rs 14 per litre on the sale of diesel. This is why the company has suffered a loss in a quarter for the first time in two and a half years.

Significant loss to the company

The country’s largest oil refining and fuel retailer has reported a net loss of Rs 1,992.53 crore in the first quarter of the current financial year 2022-23. With this, the company had earned a net profit of Rs 5,941.37 crore in the same quarter of the previous financial year. At the same time, during the last, i.e. January-March quarter, the company had a net profit of Rs 6,021.9 crore.

EBITDA down by up to 88%

IOC’s single income before tax, interest, depreciation and amortization (EBITDA) declined 88 per cent to Rs 1,358.9 crore on a year-on-year basis. At the same time, the company had a net loss of Rs 1,992.5 crore. However, during the quarter, the company’s gross refining margin (GRM) has been at a high level, i.e. $31.8 per barrel.

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This is the main reason for the decline in income.

The report by ICICI Securities said, “The main reason for the decline in the earnings of the company is the sharp decline in margins on retail sales of petrol and diesel. The company has incurred a loss of Rs 10 per litre on petrol and Rs 14 on diesel. Apart from this, the company has also suffered a loss of Rs 1,500 to 1,600 crore on storage due to a reduction in excise duty.

Government oil companies did not increase prices.

The report said that petroleum companies revise petrol and diesel prices daily according to cost. Still, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL), along with IOC, did not increase vehicle fuel prices despite cost increases. Huh.

Crude oil is being sold for $109 per barrel.

India’s crude oil imports are currently sitting on an average of $ 109 per barrel. The report has said that vehicle fuel prices at petrol pumps in the country have been fixed according to the cost of 85 to 86 dollars per barrel. The report says this is the company’s first quarterly loss since the January-March, 2020 quarter. At that time, the company had suffered losses on storage due to processing expensive crude oil.

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Abhay Singh
Abhay Singh
Abhay Singh is Our Journalist at Spot News 18. He Loves to Gather News and to Provide Authentic News to Our Readers. He Is very Passionated about his Work.

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