Essar Oil reports Rs 166 crore loss

NEW DELHI: Essar Oil reported a net loss of Rs 166 crore in the second quarter as the rupee’s depreciation weighed on its performance but the company expects to gain significantly from higher margins from an expanded refinery and rapidly growing retail petrol sales.

The sharp depreciation of the rupee against the dollar resulted in forex liabilities of Rs 407 crore during the quarter against a gain Rs 115 crore in the corresponding period last year.

Essar has more than doubled its retail petrol sales in the second quarter as state-run oil firms, which dominate the fuel market, raised petrol prices significantly.