IOC net down 45 per cent on refining margin fall, inventory loss

The company also suffered a product loss of Rs 2,009 crore during the quarter compared with a gain of Rs 3,695 crore during the comparable period a year-ago. The oil marketing company sold 20.736 million tonne (MT) fuel in the Indian market and 1.772 MT overseas during in the quarter ended 30 June 2017.

The company took into account for Rs 876.38 crore subsidy support from the government during the quarter for selling kerosene at below-market rate which stood at Rs 6.87 per litre. The company is also suffering as products such as aviation fuel, diesel and petrol are outside the realm of GST for which it is not being able to claim input credit and the company estimates a loss of Rs 5,000-6,000 crore per year due to this.

With FE inputs