The Council on Wage and Price Stability said yesterday 11 major oil companies were not in compliances with the administration's voluntary price standard in the third quarter of last year, overcharging customers by $286.3 million.

Only Mobil Corporation's marketing and refining division was formally charged with non-compliance with the standards. Neither COWPS nor Mobil would say by how much its revenues are supposed to have exceeded allowable levels.

Seven other oil firms have received notices of "probable non-compliance," COWPS director Robert Russell said, while three others likely will get notices soon. These 10 firms were not named by COWPS. The companies other than Mobil are still trying to convince the Council that they are in compliance or trying to get back into coompliance.

A Mobil spokesman denounced the council's action, saying, "All of these findings by COWPS are so tortured and arbitrary that only political motivations could be behind them." They are, he added, "another example of the political nonsense generated in the heat of a presidential campaign."

Russell denied at a press conference that the timing of the charges was related in any way to today's New Hampshire presidential primary. Sen. Edward M. Kennedy (D-Mass.), as part of his campaign for the Democratic presidential nomination, has been sharply critical of the Carter administration for not checking oil company compliance more closely in the wake of reports of record profits in 1979.

In an analysis of reports from the 20 largest oil companies with refinery operations in the United States, and from seven smaller companies with sales of more than $250 million, COWPS concluded that by far the larger share of last year's increases in the price of petroleum products were permitted under the voluntary price standard.

Between the third quarter of 1978 and the same quarter of 1979, COWPS said the price of gasoline at the pump rose from an average of 66.2 cents a gallon to 96.4 cents. The price of home heating oil rose from 51.1 cents to 80.0 cents over the same 12 months.

More than half of the increase was due to higher prices for crude oil. Retailers increased their margins substantially, and there were some tax increases. Refiners increased their margins by 4.5 cents a gallon, COWPS said.

COWPS said all but 0.4 cents a gallon of the increase in refiner margins was legitimate under its rules. Even that estimate of non-compliance by refiners as a group might be too high, the council cautioned.

It obtained that figure by extrapolating the results of its check of the 27 oil companies to all oil refiners. COWPS said it might be too high because some of the 27 firms were selected because there were indications they were not in compliance, which would bias the calculations. In addition, no adjustment was made for firms that were charging less than the maximum allowable prices, it said.

COWPS also said that the big rise in oil company profits last year came mainly from production of crude oil

Again citing no evidence, COWPS also questioned whether oil companies with oil-producing subsidiaries abroad properly price that oil when it is sold to a refining subsidiary. By inflating such transfer prices, higher profits could be made on the crude oil and higher selling prices could be justified where product prices are subject to controls.

Mobil argued that COWPS regulations permit compliance on an annual basis rather than requiring it quarter by quarter. Judged on an annual basis from third quarter to third quarter -- the first "program year" of the voluntary wage and price standards - COWPS agreed with Mobil's contention that it was in compliance.

But COWPS rejected the annual basis, saying it had given "repeated advice to petroleum companiess throughout the first program year that the refiners' standard contains a quarterly limitation."

"The oil industry is subject to wild cost fluctuations and retroactive cost increases as well as the need to build seasonal inventories," the Mobil spokesman said. "If COWPS is serious in pursuing this interpretation, the oil industry will find it impossible to comply both with Department of Energy requirements to build inventories and the COWPS 'voluntary' guidelines."

Mobil maintained that part of its problem stemmed from buying very high-cost gasoline on the spot market in the April-June quarter last year to enable it to refine more home heating oil to meet the governments' inventory target for the fall. Its profits rose in the following quarter when it began to sell the heating oil, whereas some of the real cost of producing it had incurred the previous quarter.

Another dispute between COWPS and Mobil concerned the highly complex accounting treatment of inventory costs and profits. Mobil normally makes a final calculation of its costs at the end of its accounting year, which is the same as a calender year, once the actual change in inventories and costs is known. If Mobil were allowed to make that usual year-end adjustment for COWPS' first program year, the company would have been in compliance in the third quarter of 1979, COWPS agreed.

COWPS refused to allow such a calculation, however, on the grounds such as a special procedure must get council approval "before pricing actions are predicted upon them."

Even without the inventory adjustment, a Mobil official said the company's revenues in COWPS' first program year was $35 million less than they could have been if the company had raised its prices the limit each quarter.