State-owned oil marketing companies (OMCs) in India, including IOCL, BPCL, and HPCL, recorded a staggering standalone profit of ₹82,500 crore in FY24, a remarkable 71-fold increase from the previous year. This surge is attributed to robust double-digit gross refining margins (GRM) and healthy marketing margins on diesel and petrol, alongside a favorable base effect. Despite stable crude oil prices, quarterly profits for these companies saw declines due to factors like lower refining margins and price cuts amid rising crude oil costs.
India’s PSU Oil Marketing Companies Witness Surge in Profits Despite Quarterly Declines
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