Indian Oil posts 1st quarterly loss in nearly 4 years
Indian Oil (IOC), India's biggest state-owned refiner, just reported its first quarterly loss in nearly four years: ₹2,661 crore for April-June 2026.
That's a big swing from last year's ₹5,689 crore profit.
The main reasons? Crude oil got a lot pricier, and selling gasoline and diesel actually cost IOC money instead of making it.
IOC loses ₹10.6/l gasoline, ₹18.4/l diesel
Thanks to supply issues in the Middle East, Brent crude prices jumped 45%, causing IOC's raw material costs to soar by 77%.
On top of that, they lost around ₹10.6 per liter on gasoline and ₹18.4 per liter on diesel sold.
Fuel demand also dropped in India this quarter, down 4.6% in April, 6.5% in May, and 3.1% in June compared with last year.
Even with higher revenue and some government help for LPG losses, IOC, and rivals BPCL and HPCL, couldn't avoid the red this time around.