After huge losses in the April-June quarter, three major state-owned oil companies have started pressurizing them to increase prices. They have incurred a loss of Rs 18,480 crore. This is the biggest loss in any one quarter so far. Hindustan Petroleum, Bharat Petroleum, and Indian Oil said they have incurred losses due to rising crude oil costs and keeping petrol and diesel prices stable since April 6.
The companies did not change the prices for 137 days due to the Uttar Pradesh assembly elections. However, at the end of March, it was increased by Rs 10 per liter.
Hindustan Petroleum Corporation Limited (HPCL) said it has suffered the highest ever loss which stood at Rs 10,197 crore. Whereas Bharat Petroleum Corporation Ltd. (BPCL) has suffered a loss of Rs 6,290 crore. Indian Oil has incurred a loss of Rs 1,993 crore.
Oil prices remained stable from April-June
From April-June, the three petroleum companies did not change their prices. Import crude oil prices stood at $109 per barrel during the quarter. But in the retail market, it was sold at $85-86 per barrel basis. However, oil companies are free to raise or lower prices. Despite this, they could not make any changes in the prices.
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