What happened (IOC’s crude coverage and June-ended quarter results)
Indian Oil Corporation (IOC) stated that its refinery secured crude oil supplies for all of August and most of September, providing roughly 45–50 days of coverage. IOC linked these procurement efforts to shielding retail petroleum prices from volatility during shipping disruptions caused by conflict in Asia and during conditions that raise crude prices.
IOC reported a June-ended quarter net loss of ₹2,661 crore, described as narrower than expected. IOC attributed the narrower loss to refinery operational efficiencies. IOC reported revenues rising about 26% year-on-year to around ₹2.76 lakh crore.
Peer oil marketing companies, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited, also reported net losses for the June-ended quarter. Hindustan Petroleum reported a net loss of about ₹12,265 crore, and Bharat Petroleum reported a net loss of about ₹3,962 crore.
Background and earlier position (crude sourcing, diversification, and BS-VI context)
IOC’s chairman highlighted spot purchases from regions including West Africa, South America, and Venezuela as part of efforts to navigate crude supply disruptions. IOC also indicated diversification efforts, especially in LPG (liquefied petroleum gas).
Related current affairs
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