Privatisation could ‘unlock tremendous value’: BPCL CMD
Bharat Petroleum Corporation Ltd (BPCL) expects a significant improvement in gross refining margin (GRM) in the second quarter of FY20, after the state-owned oil marketing company (OMC) posted a GRM of $0.39 per barrel in the quarter ending June 2020, compared to $2.81 per barrel in the year-ago period.
The company had posted a profit of Rs 2,076 crore despite GRM being low on the back of inventory gains from a revival in the price of crude oil from lows of around $20 per barrel in April.
BPCL executives noted that petrol sales had reached pre-Covid levels and diesel sales are expected to reach near pre-Covid levels in two-three months.
Meanwhile, BPCL Chairman K Padmakar said the impending privatisation of the company would likely lead to the unlocking of greater value.
