The Economic Times

IOC, BPCL, HPCL clock Rs 30,106 cr Q2 profit, nearly 39 pc of last year's annual earnings

In the third quarter, spanning July to September, India's three major state-run fuel retailers announced a combined net profit of Rs 30,106 crore, reversing a previous loss of Rs 18,150 crore. This profitability surge defied the ongoing freeze on petrol and diesel prices since May. Indian Oil Corporation achieved its highest standalone quarterly net profit, buoyed by strong refining margins, yet faces ongoing challenges related to fuel under-recoveries.