IOC Q1 net loss widens to Rs 3,719 cr

India’s largest oil refining and marketing firm Indian Oil Corp (IOC) on Wednesday reported widening of its net loss for the quarter ended April-June at Rs 3,719 crore.

India’s largest oil refining and marketing firm Indian Oil Corp (IOC) on Wednesday reported widening of its net loss for the quarter ended April-June at Rs 3,719 crore. The company had reported a net loss of Rs 3,388 crore in the same quarter a year ago.

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"Major reason (for widening of net loss) has been that we have had a higher number of unmet under-realisation on diesel, domestic LPG and kerosene," said RS Butola, CMD, IOC.

The higher losses were attributed to the government sharing only a third of the losses that it made on selling auto and cooking fuel at state controlled rates.

IOC lost Rs 23,806 crore on selling diesel, domestic LPG and kerosene at government controlled rates in the first quarter. Against this, it got Rs 7,932 crore by way of upstream assistance and another Rs 8,201 crore from the government.