 |
Louisiana Light • 4 days | 71.34 | -0.47 | -0.65% | ||
|
Bonny Light • 28 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 5 days | 72.42 | +1.58 | +2.23% | ||
|
Mars US • 318 days | 75.54 | -1.36 | -1.77% | ||
|
Gasoline • 10 mins | 1.984 | +0.016 | +0.82% |
|
Bonny Light • 28 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 28 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 5 days | 72.42 | +1.58 | +2.23% |
|
Peace Sour • 40 mins | 66.02 | +0.37 | +0.56% | ||
|
Light Sour Blend • 40 mins | 65.27 | +0.37 | +0.57% | ||
|
Syncrude Sweet Premium • 40 mins | 70.02 | +0.37 | +0.53% | ||
|
Central Alberta • 40 mins | 67.02 | +0.37 | +0.56% |
|
Eagle Ford • 4 days | 65.13 | -0.37 | -0.56% | ||
|
Oklahoma Sweet • 4 days | 65.25 | -0.25 | -0.38% | ||
|
Kansas Common • 5 days | 59.25 | +1.75 | +3.04% | ||
|
Buena Vista • 5 days | 75.72 | +1.41 | +1.90% |
Breaking News:
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Indian Oil’s Profit Tumbles by 81% on Weak Refining Margins
Indian Oil Corporation, the state-held refining giant, saw its net profit plummet by 81% for the first quarter of the 2024/2025 fiscal year compared to year-ago levels, as lower refining and marketing margins weighed on the financial performance.
IndianOil reported a net profit of around $316 million (26.43 billion Indian rupees) for the April to June 2024 quarter, down from $1.64 billion (137.5 billion rupees) for the same quarter of 2023.
The state-held company attributed the slump in profits mainly to “reduced refining margins affected by lower cracks in line with the international trends and suppressed marketing margins during the current quarter.”
IndianOil’s average gross refining margin during the first quarter of the 2024/2025 financial year was $6.39 per barrel, compared to $8.34 per barrel for the corresponding quarter of the previous financial year.
Indian Oil and its subsidiaries hold about one-third of India’s total refining capacity of around 5 million barrels per day (bpd).
While fuel consumption in India, the world’s third-largest crude oil importer has been strong this year and hit a record high in early 2024, rising international crude prices have eroded refining margins at many Asian refiners. The margins have been much lower this year compared to last year.
In addition, lower domestic fuel prices have further hit Indian Oil and the other state-owed refiners in the country.
State-held refiners Hindustan Petroleum and Bharat Petroleum also reported plummeting profits for the April-June 2024 quarter earlier this month.
Hindustan Petroleum Corporation (HPCL) booked a standalone net profit plunging by 94.2% year-on-year in the quarter, despite a 1.4% rise in revenues.
Bharat Petroleum Corporation Ltd (BPCL), for its part, saw its net profit slump by 73%, amid falling refining margins, as well as lowered fuel prices ahead of India’s general election, which took place over several weeks in the same quarter in April to June.
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By Charles Kennedy for Oilprice.com
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