The state-owned oil company Indian Oil Corporation Ltd (IOCL) reported a consolidated net loss of 1140 crore rupees for the first quarter ending June 2026. This figure sharply contrasts with the profit of 6808 crore rupees earned during the same period last year. The reason for this result was the increased energy prices linked to the ongoing crisis in the Middle East.
Despite supply disruptions caused by the Middle East crisis, Chairman and Managing Director A. S. Saxena stated that IOCL ensured crude oil supplies until the end of September. The company has also diversified its supply sources to offset market turbulence related to West Asia.
The country's largest oil marketing company currently holds crude oil reserves sufficient for 45–50 days. Overall, the three state-owned oil marketing companies (OMCs) collectively incurred losses of 15,276 crore rupees for the quarter as crude oil prices exceeded the $100 per barrel mark.
Separately, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) reported net losses of 1872.70 crore rupees and 12,264 crore rupees, respectively, for the first quarter of the fiscal year 2027.
As of June 30, IOCL's uncovered expenses for the sale of liquefied petroleum gas (LPG) cylinders amounted to 29,730 crore rupees. The company noted that in the first quarter of the fiscal year 2027, it recognized three equal monthly payments totaling 3,621.51 crore rupees as compensation from the government for lost revenue from the sale of domestic LPG.
The uncovered expenses for the sale of LPG cylinders rose to 720 rupees per cylinder in June before decreasing to 503 rupees per cylinder in July. For the reporting quarter, IOCL's refining volume at refineries reached 19.165 million tonnes (MT) with a capacity utilization rate of 109.4 percent, higher than the 18.683 million tonnes in the first quarter of 2026. Furthermore, through inter-regional pipelines, Indian Oil achieved a total transfer volume of 28.548 million tonnes, compared to 26.256 million tonnes the previous year.
IOCL's share in the domestic market increased by 1.6 percentage points during the quarter. The company achieved record quarterly sales figures for gasoline—4.522 million tonnes—and diesel fuel—10.866 million tonnes. The company's natural gas sales volume also grew by 11 percent during this period.



