{"id":347967,"date":"2020-04-24T09:36:56","date_gmt":"2020-04-24T04:06:56","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=347967"},"modified":"2020-04-24T09:51:01","modified_gmt":"2020-04-24T04:21:01","slug":"refiners-stare-at-rs-25000-cr-inventory-loss-as-oil-prices-slump-crisil","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/refiners-stare-at-rs-25000-cr-inventory-loss-as-oil-prices-slump-crisil\/","title":{"rendered":"Refiners stare at Rs 25,000 cr inventory loss as oil prices slump: Crisil"},"content":{"rendered":"<p>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. <\/p>\n<p>Crude prices nosedived from an average $55 per barrel in February to $33 in March and around $20 at the end of March as demand slumped because of the coronavirus (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. <\/p>\n<p>&#8220;For oil refiners, the Covid-19 pandemic is delivering two blows: inventory loss of over Rs 25,000 crore in the January-March quarter because of a 70% fall in crude oil prices, and a likely plunge in gross refining margins (GRMs) in the first quarter (April-June) of fiscal 2021 because of demand destruction,&#8221; Crisil said in a note.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 $55 per barrel in February to $33 in March and around $20 at the end of March as demand slumped because of the coronavirus (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. &#8220;For [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-347967","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/347967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=347967"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/347967\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=347967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=347967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=347967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}