BPCL in red on high crude prices

Bharat Petroleum Corp. Ltd. (BPCL) said its net loss for the first quarter ended June 30, 2010, stood at Rs1,718.10 crore (US$371.69 million) compared to a net profit of Rs614.12 crore (US$132.86 million) in the corresponding period of the previous year. The company said its results were adversely impacted on account of higher crude oil and product prices, which could not be fully passed on to consumers. BPCL said the under-recovery from the sale of sensitive petroleum products has been partially compensated to the extent of Rs1,549.55 crore (US$335.23 million). (July 31, 2010)