IOC, BPCL, HPCL may post combined ₹10,700 cr loss in Q1: Report

Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum may post a combined loss of ₹10,700 crore in June quarter, ICICI Securities said in a report. The three state-owned oil marketing companies are losing ₹12-14 per litre on petrol and diesel, the report said. "We estimate gross refining margins to remain fairly strong at $17-18 per barrel levels," the brokerage added.