Indian Oil, BPCL, and HPCL report nearly threefold reduction in LPG retail losses month-on-month, per government data.
India’s three largest state-owned refiners—Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation—reduced their losses on liquefied petroleum gas retail sales by nearly two-thirds in August compared to July. The combined losses narrowed to levels last seen in early 2024, according to government figures presented in Parliament.
In July, the refiners faced record losses on LPG sales due to elevated global crude prices and a weaker rupee. Analysts had expected a modest improvement in August, but the actual reduction exceeded consensus estimates by over 20%. The government has not yet adjusted retail LPG prices, keeping them steady since May.
The energy ministry attributed the improvement to lower international LPG procurement costs and efficiency gains in domestic refining operations. No immediate market reaction was reported in early trading sessions.