State-owned three major oil marketing companies – Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation – returned to profitability in the second quarter of the current financial year after reporting losses in the corresponding period a year ago primarily on the back of improved marketing margins and growth in sales volumes.
Marketing margins of the three public-sector companies improved in the quarter under review owing to discounted Russian crude oil even as the OMCs kept the prices of auto fuels unchanged which helped them to recover losses incurred when oil prices were higher last year.
