Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd collectively had a loss of Rs 18,480 crore in the first quarter of the current financial year as well.
Where did oil prices reach today?
After a sharp fall in crude oil prices, there may have been a slight increase in prices today, but the prices once again remained below the level of $ 95 per barrel. However, the benefit of this fall in prices is not visible to the retail customers at present. Oil companies have not made any change in fuel prices. The government has already stated that even though petrol Companies are making profits at the cost of diesel but still losses remain in diesel prices. There itself crude Oil companies are also currently waiting for further fall in crude due to uncertainty about
What is the price of oil today (Rs per liter)
where did crude oil reach
The price of crude oil is trading below the level of $ 94 per barrel. On November 4 itself, the prices crossed the level of $ 98 per barrel with an increase. However, only after this there has been a sharp decline in crude oil. At present, crude prices are swinging amid fears of recession on demand as well as control over supply by oil producing countries. Oil producing countries are trying their best to keep Brent crude above the level of $ 90 per barrel.
Oil companies’ losses increased
Public sector petroleum marketing companies – IOC, BPCL and HPCL – may incur a loss of Rs 21,270 crore combined in the July-September quarter. This will probably be the first time that these companies will have a loss for the second consecutive quarter, this estimate has been given in a report by ICICI Securities. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) collectively had a loss of Rs 18,480 crore in the first quarter (April-June) of the current financial year as well.