Retail fuel margins propel oil PSUs’ Q1 net up 2.5-fold
Indian Oil Corporation, Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) posted a combined profit of ₹16,184 crore in the quarter to June, an increase of more than two and a half times year-on-year, buoyed by extraordinary retail margins on petrol and diesel despite heavy inventory losses.
Petrol earned the state-run oil marketers an estimated ₹10.3 per litre at the pump, up from ₹ 4.4 a year earlier, while diesel fetched ₹8.2 per litre versus ₹2.5, according to brokerage ICICI Securities.
