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For the full year,net profit declined 67.41% to Rs 13597.84 crore in the year ended March 2025 as against Rs 41729.69 crore during the previous year ended March 2024. Sales declined 2.35% to Rs 758105.81 crore in the year ended March 2025 as against Rs 776351.85 crore during the previous year ended March 2024.
Defending the decision, Petroleum Minister Hardeep Singh Puri stated that the duty hikes were meant to compensate OMCs for selling LPG at a loss. Puri also took a political swipe, pointing to price disparities between 'BJP States' and 'non-BJP States', attributing the difference to higher state-level levies in non-BJP-ruled regions.
Reacting to the announcement, shares of key OMCs witnessed an uptick: Hindustan Petroleum Corporation jumped 2.55%, Bharat Petroleum Corporation gained 2.5%, and Indian Oil Corporation (IOC) rose 1.5%.