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.
The board of ONGC at its meeting on February 13 approved creation of a new wholly-owned subsidiary company for gas and liquefied natural gas (LNG) business value chain, according to the firm s third quarter earnings announcement
India Business News: The board of ONGC at its meeting on February 13 approved creation of a new wholly-owned subsidiary company for gas and liquefied natural gas (LNG) bus