After record profits, PSU fuel retailers see profit slump in Qı

The three fuel retailers IOC, BPCL and HPCL made extraordinary gains from holding petrol and diesel prices despite a drop in cost

After reporting record profits, state-owned fuel retailers Indian Oil Corporation (IOC), BPCL and HPCL posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates.

IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in Q1 FY25 - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing.

Net profit also fell sequentially, against earning of Rs 11,570.82 crore in March quarter.

HPCL posted 90 per cent drop in profit to Rs 633.94 crore against an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter.

BPCL net profit dropped to Rs 2,841.55 crore in AprilJune from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed.