Oil refiners stare at Rs 25,000 crore inventory loss: Crisil ratings
NEW DELHI: Indian oil refiners may have incurred an inventory loss of Rs 25,000 crore in the January-March period as oil prices slumped and are now likely seeing a plunge in refining margins in the current quarter, Crisil Ratings said on Thursday.
Crude prices nosedived from an average USD 55 per barrel in February to USD 33 in March and around USD 20 at the end of March as demand slumped because of the COVID-19 pandemic.
The mayhem in the oil market meant that by the time crude oil is processed and converted into fuel, the rates have fallen, resulting in inventory losses.
