According to CoinMeta, India’s state-owned fuel retailers incurred a total loss of approximately 181.49 billion rupees (about $1.9 billion) in the quarter ending June. These companies account for about 90% of the market share and bear most of the costs, thereby protecting consumers from the full impact of energy price shocks caused by the US-Iran conflict. On Friday, India’s largest fuel retailer, Indian Oil Corporation, announced a net loss of 26.61 billion rupees in the second quarter ending June, compared to a net profit of 56.88 billion rupees in the same period last year. Smaller competitors, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, also reported net losses of 39.62 billion rupees and 115.26 billion rupees respectively in the second quarter, whereas they had achieved net profits of 61.24 billion rupees and 43.71 billion rupees in the same period last year.