Indian Oil Corporation's net profit plummeted by 81% in the first quarter due to lower refining and marketing 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.
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.
Net Profit Refining Margins Marketing Margins Crude Oil Fuel Prices Hindustan Petroleum Bharat Petroleum State-Owned Financial Performance
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