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HPCL seeks gasoline supplies for December

India’s state-run Hindustan Petroleum Corp. issued a prompt tender for the import of 40,000 tonnes of non-oxygenated 91 RON gasoline for delivery on Dec. 11-25.

The tender closes on Tuesday, said market sources according to news agency Reuters. The refiner had earlier sought 40,000-55,000 tonnes of non-oxygenated gasoline for delivery during Dec. 20-30 via another tender that closed on Dec. 1.

HPCL could not be immediately reached for a comment.

Hindustan Petroleum Corporation (HPCL) reported a standalone net loss of 2,172 crore for the quarter September 2022 ended, as against a profit of 1,923 crore in the same quarter last fiscal.

The company posted a loss of 10,197 crore recorded in the June quarter.

During the September quarter, HPCL’s revenue declined 5.3 per cent to 1.08 lakh crore from 1.14 lakh crore in the June quarter. However, revenue jumped 30 percent year-on-year.

Consolidated total income stood at 114,497.65 crore in Q2FY23, higher than 88,299.19 crore recorded in Q2FY22 but lower than 121829.51 crore posted in Q1FY23.

Oil Minister Hardeep Singh Puri had last week indicated that his ministry will seek assistance from the finance ministry to cover the losses incurred on holding petrol and diesel prices since the Ukraine war to help the government fight inflation.

“OMCs (oil marketing companies) still have under-recoveries on diesel,” he had told reporters on November 2 when asked if there is a price reduction in the offing in line with softening international oil prices.

The company’s scrip ended 2.61 per cent down at 224.10 on BSE.

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