HPCL, BPCL and IOC swing to June-quarter losses as Brent spikes to $125 a barrel
India’s three state-run oil marketing companies—HPCL, BPCL and IOC—reported losses for the June quarter as Brent crude surged to as high as $125 per barrel after the US-Iran conflict. HPCL posted the steepest loss at ₹11,526 crore, while BPCL and IOC reported losses of ₹3,962 crore and ₹2,661 crore, respectively. Strong refining margins helped cushion the hit from higher crude costs, with BPCL reporting a gross refining margin of $41.4 per barrel. Marketing profitability stayed under pressure, and LPG under-recoveries widened sharply during the quarter.