State-owned Bharat Petroleum Corporation Ltd (BPCL) reported a consolidated net profit of Rs 8,243.55 crore in the July-September quarter of FY2024, compared to a loss of Rs 338.49 crore in the same period a year ago, the company said in a statement. happened. ,
The profit was helped by an increase in marketing margins as a moratorium on petrol and diesel price revisions despite a fall in input crude prices helped offset losses incurred when rates were higher last year. Pre-tax income from downstream oil refining and marketing business stood at Rs 11,283.29 crore in the second quarter of the current financial year, compared to a loss of Rs 123.17 crore in the same period last year.
Last year, despite global oil prices rising following Russia’s invasion of Ukraine, state-owned fuel retailers BPCL, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) reduced prices. This was intended to protect consumers from price volatility.