The sustained strength of marketing margins and recovering demand for petroleum products is supporting the profitability of India s oil marketing companies against weak gross refining margins (GRMs), thereby lowering downside risks for their credit metrics, according to Fitch Ratings.
Petroleum product sales at Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) surged by 22 to 23 per cent in the third quarter of the financial year ending March 2021 (3Q FY21) from the previous quarter with domestic transportation fuel demand recovering to near-normal levels, barring aircraft fuel, and marketing margins on auto fuel sustained at above pre-pandemic levels.
Prime Minister Narendra Modi yesterday dedicated to the nation a ₹6,000 crore petrochemical complex of state-owned Bharat Petroleum Corporation Ltd (BPCL) in Kochi and Ro-Ro.
Read more about Oil and Gas stocks tank on Business Standard. Oil and Gas stocks were trading in red, with the S&P BSE Oil&Gas index decreasing 225.28 points or 1.5% at 14787.37 at 13:48 IST.
Read more about Oil and Gas stocks edge lower on Business Standard. Oil and Gas stocks were trading in red, with the S&P BSE Oil&Gas index decreasing 225.28 points or 1.5% at 14787.37 at 13:48 IST.