So, finally the oil companies have started showing ‘losses’ in the balance sheets. Indian Oil Corporation, this quarter has shown a massive loss of 22,451 Crore rupees!
To be noted that IOC is a govt. operated company and it saw such losses due to delays in govt. compensation and a combined foreign exchange and inventory loss of around 7,249 crore INR. Hindustan Petroleum Corp. Ltd. also reported a loss of 9,249 Crores.
Seems it is time to raise the prices Mr. Oil Minister?……. 😐
News Source: The Economic Times
