Oil Marketing Companies (OMCs), including Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum, reported substantial profits exceeding Rs 69,000 crore in the last three quarters of FY24. The surge in profits is attributed to improved fuel marketing and refining margins, coupled with the strategic decision to freeze petrol and diesel prices during fluctuating crude oil rates. Amid speculation of a fuel price cut, Petroleum Minister Hardeep Singh Puri suggests companies are still recovering from previous losses. Analysts believe a reduction might be considered if global crude prices stay under $80 per barrel. OMCs’ robust performance in FY24 signals continued profitability despite global uncertainties.
Oil Marketing Companies’ Profits Soar: Will Fuel Prices Take a Dip?
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