NEW DELHI: Would the public sector oil marketing companies (OMCs) finally bite the bullet and go for a fuel price cut, especially after churning out healthy profits for three quarters in row in FY24?
Oil marketing companies (OMCs) like Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) consistently churned profits over the last three quarters.
In the third quarter of FY 2023–24 alone, these companies collectively reported a profit of Rs 11,774 crore. Their combined profits over the past three quarters have surpassed Rs 69,000 crore, exceeding their annual earnings from pre-oil crisis years (2020-23).
