BPCL posts Rs 3,962 crore Q1 loss as high crude prices squeeze fuel margins

Bharat Petroleum Corporation Ltd reported a consolidated net loss of Rs 3,962.13 crore for Q1 FY2026-27, its first quarterly loss in 15 quarters.

Elevated crude oil prices and regulated fuel prices (petrol, diesel, LPG) below cost for most of the quarter squeezed marketing margins.

BPCL incurred an LPG under-recovery of Rs 3,485.22 crore and had unpaid LPG subsidy dues of Rs 12,318.52 crore as of March 31, 2026.

Petrol and diesel marketing margins averaged negative Rs 10.6 per litre and Rs 18.4 per litre, respectively, during the quarter.

Revenue from operations increased, but total expenses climbed significantly due to higher input costs and suppressed margins.