November 2, 2026: In the July-September quarter, India's state-run fuel retailers experienced a significant profit surge, reporting ₹301.06 billion. The boost in earnings was attributed to increased refining margins and gains from inventory. Indian Oil Corporation achieved record profits, while Bharat Petroleum and Hindustan Petroleum saw declines in earnings.

Accumulative under-recoveries on fuel reached ₹679 billion amid persistent subsidy challenges.

India's three state-run fuel retailers earned a combined standalone net profit of ₹301.06 billion in the July-September quarter, nearly 39 per cent of their annual earnings, after a refining margin boost and inventory gains helped more than offset losses on fuel sales and a mounting unpaid LPG subsidy bill.

The combined profit of Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) is 68.3 per cent more than their earnings in the same period last year and a swing from a combined loss of about ₹181.50 billion in the previous April-June quarter, according to company filings.

The July-September quarter alone equals about 39 per cent of the three companies' combined FY26 (April 2025 to March 2026 financial year) profit of ₹772.81 billion.

The boost in earnings came despite petrol and diesel prices remaining on freeze since May and unchanged domestic LPG rates since March, despite a surge in benchmark prices and input crude oil rates.

The three companies were till last month losing ₹4-5 a litre on petrol and ₹18-20 on diesel, industry sources said.

IOC Director (Finance) Anuj Jain at an investor call on Saturday said under-recoveries or losses on LPG were ₹184 per cylinder in September, which rose to ₹229 in October and are expected to further go up to ₹309 in November and ₹370 per cylinder in December.

(Source: PTI)