State-owned Bharat Petroleum Corporation Ltd reported a consolidated net loss of Rs 3,962.13 crore for the April-June quarter, compared with a net profit of Rs 3,333.97 crore in the corresponding period a year earlier. The company attributed the result mainly to suppressed marketing margins on certain petroleum products, which were partly offset by higher refining margins.
It stated that fuel prices were held below cost amid rising crude oil prices linked to developments in West Asia.