Indian Oil has crude supplies secured for entire August, most of September

Indian Oil Corp has crude oil supplies secured for the entirety of August and most of September, Arvinder Singh Sahney, Chairman of the state-owned oil-marketing company told reporters on Friday (July 31, 2026). File | Photo Credit: Reuters Indian Oil Corp has crude oil supplies secured for the entirety of August and most of September, Arvinder Singh Sahney, Chairman of the state-owned oil-marketing company told reporters on Friday (July 31, 2026).“We are comfortably placed with crude oil supplies till August and most of September, which is about 45 to 50 days,” he stated.State-owned oil-marketing companies, that is, Bharat Petroleum, Hindustan Petroleum and Bharat Petroleum, as they sought to shield prices of retail petroleum products notwithstanding the conflict in Asia which marred shipping across the energy route, that is, the Strait of Hormuz.The Delhi-headquartered refiner posted a net loss of ₹2,661 crore in the June-end quarter.Peers Hindustan Petroleum and Bharat Petroleum also incurred net loss of about ₹12,265 crore and ₹3,962 crore during the same period.Indian Oil’s overall revenues rose 26% on a year-over-year basis to about ₹2.76 lakh crore.Mr. Sahney attributed the narrower-than-anticipated net loss to the refinery’s operational efficiencies.“We were able to navigate through the period because of the physical performance of our assets and their capabilities,” he stated.For perspective, the company’s refinery throughput stood at 19.165 million metric tonnes (MMT) harbouring capacity utilisation of 109.4% during the quarter.This was an improvement of 3% from the comparable period last year.Indian Oil also posted their lowest-ever quarterly fuel and loss of 8.04% in the post Bharat Stage-VI scenario.Pursuing diversificationMr. Sahney told reporters that amidst the disruption to supplies of crude oil from the Strait of Hormuz, the refiner also took to spot purchases from West Africa, South America and Venezuela.On liquified petroleum gas (LPG), Mr. Sahney stated that Indian Oil would pursue diversification “as much as possible”.Seeking to shield consumers from the impact of global price surge, Indian Oil incurred under-recoveries of ₹720 per cylinder in June and ₹503 per cylinder in July.Separately, officials also informed that Indian Oil has tapped into the Reserve Bank of India’s credit facility swap window to raise $500 million.The facility seeks to offer concessional swaps for fresh FNCR (B) deposits, external commercial borrowings (ECBs) and overseas foreign currency borrowings (OCBs). Published - July 31, 2026 09:49 pm IST