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.