What happened: IOCL secured crude oil supplies for August and most of September
Indian Oil Corporation (IOCL) stated that it has secured crude oil supplies for the full month of August and for most of September. IOCL described the coverage as about 45 to 50 days and linked the need for this coverage to global shipping disruptions in the Strait of Hormuz, which pushed up crude prices.
IOCL also stated that it sought to protect retail petroleum product prices during a period of higher crude prices.
June-ended quarter financial results and reported operating performance
For the June-ended quarter, IOCL reported the following figures:
Net loss: ₹2,661 crore.Total revenues: up 26% year-on-year to around ₹2.76 lakh crore.Refinery throughput: 19.165 million metric tonnes.Capacity utilisation: 109.4%, about 3% higher than the previous year.Fuel-and-loss: 8.04%, described by IOCL as its lowest-ever quarterly fuel-and-loss figure in the post Bharat Stage-VI period.
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