IOC reports heavier 2Q losses as Essar and Reliance show higher earnings.

摘要

The Indian state oil firm announced a 37.2B INR ($823.5MM) loss in the 2Q, and the company said it could have been even worse without the substantial government support that amounted to 82B INR ($1.82B). According to Indian Oil Corp. (IOC), the Indian government's continued subsidizing of retail thesel, kerosene, and LPG prices has put the firm at a disadvantage due to having to source crude from overseas. In June, the government did raise retail fuel prices which should help IOC's bottom line going forward.