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IOC and HPCL led the surge with profits up 57% and 46%, while BPCL declined 0.7%.
But things got tricky when the West Asia conflict sent international oil prices soaring from $72 to $120 a barrel before settling at $105 in May.
Even after raising gasoline and diesel prices by ₹4 per liter, these companies are still losing over ₹500 crore each day because global oil costs remain high and retail price hikes lag behind.
Executives say if this keeps up, in 2026-27 (FY27) profits could take a hit.