State-run Hindustan Petroleum Corporation Ltd (HPCL) reported a 80.2 per cent fall in quarterly profit on Thursday, hurt by a fall in marketing margins on the back of unchanged pump prices.<\/p>\n
India’s state-run oil marketing companies have been hurt by unchanged retail pump prices for petrol and diesel for more than a year, suppressing margins and denting profits.<\/p>\n
The company reported a net profit of 1.72 billion rupees ($20.84 million) for the quarter ended Dec. 31, compared with 8.69 billion rupees a year earlier.<\/p>\n
Revenue from operations for the company rose 12.6 per cent to 1.16 trillion rupees from 1.03 trillion rupees a year earlier.<\/p>\n
Indian refiners’ crude oil processing in December rose about 4 per cent from a year earlier, provisional government data showed, in line with elevated demand in the world’s third-biggest oil importer and consumer.<\/p>\n
“During this (Oct-Dec.) period, due to the suppressed marketing margins on certain petroleum products, profitability is impacted,” HPCL said in a statement, without giving additional details on those margins.<\/p>\n
The company said its average gross refining margin – profit from converting a barrel of oil into refined products – was $11.40 per barrel for April-December, compared with $4.50 per barrel in the same period a year earlier.<\/p>\n
Indian oil marketing company Bharat Petroleum Corp reported a 31 per cent fall in quarterly profit, while Indian Oil Corp Ltd, the country’s top refiner, posted a 92.4 per cent fall, also hurt by static pump prices.<\/p>\n","protected":false},"excerpt":{"rendered":"
State-run Hindustan Petroleum Corporation Ltd (HPCL) reported a 80.2 per cent fall in quarterly profit on Thursday, hurt by a fall in marketing margins on the back of unchanged pump prices. India’s state-run oil marketing companies have been hurt by unchanged retail pump prices for petrol and diesel for more than a year, suppressing margins and denting profits. The company reported a net profit of 1.72 billion rupees ($20.84 million) for the quarter ended Dec. 31, compared with 8.69 billion rupees a year earlier. Revenue from operations for the company rose 12.6 per cent to 1.16 trillion rupees from 1.03 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-554836","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/554836","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=554836"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/554836\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=554836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=554836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=554836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}