New Delhi, July 24: State-owned Indian Oil Corporation (IOC) today reported a net loss of Rs 3,388.39 crore in the first quarter, ended June 30 on account of selling fuel below cost.
IOC, the nation's largest oil firm, had posted a net profit of Rs 3,682.83 crore in the April-June quarter of the last fiscal, the company said in a statement.
The company accrued the losses as it was forced to sell petrol, diesel, domestic cooking gas LPG and kerosene below their actual cost and was not compensated by the government for it.
IOC lost Rs 11,013.85 crore in revenues in April-June quarter. Of this, it got Rs 3,671.26 crore from upstream firms, Oil and Natural Gas Corp (ONGC), GAIL India and Oil India.
"Consequent to non-revision of retail selling price in line with international prices, the company has suffered net under-realisation of Rs 7,342.