NEW DELHI: Oil marketing companies (OMCs) BPCL, HPCL and IOC are all set to report huge losses for March quarter due to inventory losses in the wake of a collapse in crude oil prices.
Refiners Reliance Industries and ONGC may log 8-10 per cent fall in profit for the quarter, that saw Singapore gross refining margin (GRM) tumble to a 72-quarter low on a $44 a barrel fall in crude oil prices.
Among the upstream firms, gas producer GAIL may report flat profit while Oil India is expected to report a 70 per cent drops in sales, said analysts.
