India’s oil marketing companies (OMCs) are experiencing a significant boost in profits from petrol and diesel. According to ICRA, Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) are making a profit of Rs 15/litre on petrol and Rs 12/litre on diesel. As per the report, the marketing margins of OMCs have improved significantly in recent months due to a fall in crude oil prices, and retail prices of fuels have been steady since March 2024. This has given OMCs ample room to pass on these profits to consumers by reducing the prices of petrol and diesel. The combined profit of India OMCs jumped to Rs 86,000 crore in FY2023-24. HPCL reported a net profit of Rs 16,014 crore, compared to a loss of Rs 6,980 crore in the previous year. BPCL’s profit jumped by 13% to Rs 26,673 crore, while IOCL registered its highest-ever refinery throughput, sales volume and net profit. Source:ET Now
