BPCL expects tough 1st quarter as margins decline for petrol, diesel
A day after reporting heavy inventory losses and near-halving of refining margins in the March quarter, the second-largest oil retailer Bharat Petroleum has guided towards a tough first quarter given the prevailing market condition wherein margins are in deep red for both petrol and diesel.
Two-thirds of the current quarter has been a near-washout for all oil companies when sales and refining dived as the 10-week-old national lockdown confined people into their homes due to the deadly coronavirus pandemic.
BPCL on Wednesday reported Rs 1,819.6 crore net losses on heavy inventory losses, and lower gross refining margins (GRMs) which dived to a low USD 2.50 a barrel in the March quarter from USD 4.58 a barrel a year ago.
