BPCL logs ₹6,148 cr Q1 loss on holding retail fuel prices

State-run Bharat Petroleum Corp on Saturday posted a loss of ₹6,148 crore for April-June quarter, on the back of a freeze on retail prices of petrol and diesel. During the first quarter of last fiscal year, it had reported a profit of ₹3,214 crore.

Revenue from operations surged 54% from a year earlier to ₹1.3 lakh crore. The company incurred a ₹966 crore foreign exchange loss due to fluctuations in the exchange rates. Its cost of materials consumed more than doubled to ₹63,615 crore from ₹26,805 crore.

The loss was despite market sales rising to 11.76 mt in the June quarter from 9.63 mt a year back. BPCL's refineries processed 9.69 MT of crude oil into fuel, up from 7.84 MT in April-June 2021.


Last month the Cabinet Committee on Economic Affairs approved an additional investment of $1,600 million (about ₹12,000 crore) by Bharat PetroResources (BPRL), an arm of BPCL, in a concession project in Brazil. BPRL owns a 40% participating interest in the Sergipe Alagoas concession, while Petrobras, the national oil firm of Brazil, holds 60%.