Hindustan Petroleum posts net loss of ₹12,265 crore impacted by West Asia crisis
Hindustan Petroleum reported a net loss of ₹12,265 crore for the June quarter, largely due to supply chain disruptions caused by the conflict in West Asia. Despite higher revenues, the company struggled with the impact of rising global crude oil prices.
Why it matters
The financial performance of state-owned oil companies is a critical indicator of India's economic health and energy security amidst global geopolitical instability.
State-owned oil-marketing company Hindustan Petroleum posted a net loss of about ₹12,265 crore in the June-end quarter that was entirely bothered by supply route disruptions because of the conflict in West Asia .
Benchmark global crude prices had breached the $100/barrel mark for a prolonged period, with the conflict in West Asia having bothered the Strait of Hormuz , which accounts for one-fifth of the global energy trade.
The Mumbai-based refiner’s revenue increased about 21% on a year-over-year basis to ₹1.45 lakh crore in the reported quarter.
As for its physical sales — inclusive of exports, increased 0.6% from the comparable period last year to 13.12 MMT. Combined sales of petrol and diesel increased 8.1% during the period.
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