Indian Oil Corporation (IOC), the country’s top refiner, reported its first quarterly ​loss since September 2022, as elevated crude oil ‌prices weighed on margins. Here are details from ​the state-run company’s earnings report:* ⁠The company reported a standalone net loss of ₹2,661 crore ($279 million) for the quarter ‌ended June 30, against a profit of ₹5,689 crore a year ‌ago.* Average Brent crude prices ‌were ⁠about 45% higher in the quarter ⁠than a year earlier, driven by supply disruptions stemming from the Middle East conflict, raising refiners’ raw material ​costs.* Higher crude ‌costs pushed fuel marketing margins into negative territory, as the cost of retailing fuels exceeded earnings from sales.* Petrol and ‌diesel marketing margins averaged negative ₹10.6 ​per litre and ₹18.4 per litre, respectively, during the quarter, according ⁠to Jefferies analysts.* IOC’s total expenses climbed 32% to ₹280 crore, with a ‌77% rise in cost of raw materials consumed.* Fuel demand weakened in India, the world’s third-largest importer and consumer of oil, with consumption declining 4.6%, 6.5%, and 3.1% year-on-year in April, May, ‌and June, respectively.* The firm’s revenue from operations rose ​about 26.2% to 2.76 trillion rupees, helped by a ₹3,622-crore compensation from the government for losses in ⁠the liquefied petroleum gas segment.* Earlier in the month, BPCL and HPCL also ‌reported their first loss in 15 quarters due to elevated crude prices. ($1 = 95.3800 ​Indian rupees)Published on July 31, 2026