HPCL, BPCL report quarterly losses due to fuel price freeze

HPCL and BPCL, two big Indian oil companies, made big losses in the last three months.

This happened because they had to sell petrol, diesel, and cooking gas at prices lower than what they cost, while the price of oil went up a lot.

The government decided to keep fuel prices the same, which made these companies lose a lot of money.

HPCL lost Rs 12,265 crore, which is a lot more than they earned last year.

BPCL also lost Rs 3,962.13 crore, which is the first time they've lost money in a long time.

Even though they sold more fuel and made more money from selling it, the losses were too big.