IndianOil, Bharat Petroleum and Hindustan Petroleum are estimated to have made a profit of ₹8-9 on each litre of petrol and diesel sold at pumps on top of a healthy refining margin in the April-June quarter as domestic retail prices remain frozen while international rates have fallen.
The retail margins on petrol and diesel jumped sharply in the April-June quarter over the previous quarter. This coupled with gross refining margins of $7.7-9 per barrel (net of windfall tax, estimated inventory loss and Russian crude cost-benefit) would help boost the profit of the three state-run oil marketing companies (OMCs), ICICI Securities said.
