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Mumbai: Bharat Petroleum Corporation Ltd (BPCL), India's second-biggest state-run refiner, said fourth-quarter profit fell 91 per cent because of surging crude oil prices and inadequate government compensation for selling fuels below cost.
Net income dropped to Rs584 million ($14 million), or Rs1.62 a share, in the three months ended March 31 from Rs6.7 billion, or Rs18.53 a share, a year earlier, the company said in statement to the Bombay Stock Exchange on Tuesday.
Revenue rose 34 per cent to Rs327.1 billion.
India's government caps fuel prices to control inflation and has raised prices two times in as many years, while oil has almost doubled in the same period.
Oil refiners will lose about Rs290 billion in the year to March 2009 after accounting to recent price increases and issuance oil bonds to subsidise fuel sales, Revenue Secretary P.V. Bhide said on June 4.
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