Bharat Petroleum posts ₹3,962 crore loss in June-end quarter marred by elevated crude prices, West Asia conflict
Bharat Petroleum reported a quarterly loss of ₹3,962 crore, primarily driven by high global crude oil prices resulting from the conflict in West Asia. Despite the loss, the company saw a 23% increase in revenue compared to the previous year.
Why it matters
Rising energy costs and geopolitical instability in the Middle East continue to impact the profitability of state-owned oil refiners in India.
State-owned oil-marketing company Bharat Petroleum posted a loss of about ₹3,962 crore in the June-end quarter that was entirely marred by elevated crude prices because of the conflict in West Asia.
Benchmark global crude prices during the period stayed elevated as the conflict disrupted the supply route, that is, the Strait of Hormuz that accounts for one-fifth of the global energy trade.
The Mumbai-headquartered refiner’s revenues although increased more than 23% on a year-over-year basis to approximately ₹1.61 lakh crore.
As for its physical performance, refinery throughput stayed was nearly similar in the June-end quarter at 10.15 million metric tonnes (MMT) compared to 10.42 MMT in the comparable period last year.
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