NEW DELHI: State-run Indian Oil Corporation’s net revenue leaped to Rs Rs 8,063 crore within the third quarter (October-December 2023) in contrast to Rs 448 crore within the earlier corresponding interval, pushed by the sharp drop in crude since September amid unchanged fuel prices.
Sequentially, nevertheless, the revenue was 37% decrease than the Rs 12,967.32 crore revenue posted by India’s largest public sector refiner and fuel retailer within the July-September quarter of the 2023-24 fiscal.
An organization assertion on Thursday pegged gross refining margin $13.2 per barrel in the course of the April-December 2023 interval towards $21 within the corresponding interval of 2022. It didn’t give refining margin for the December quarter.
The firm mentioned its revenue has risen within the 2023-24 fiscal “mainly on account of higher marketing margin and lower exchange losses.” But in actuality, the revenue has been pushed by persevering with the freeze on pump prices even when oil prices got here down for prolonged intervals, permitting the corporate to reap hefty advertising and marketing margin from petrol and diesel gross sales.
Pump prices have been frozen since May 2022 beneath casual authorities diktat. Crude was hovering at $85 per barrel when fuel prices had been frozen, whereas it’s buying and selling under $80 since September. While the corporate mentioned it left fuel prices unchanged to cushion shoppers from the influence of oil price spike, in actuality it additionally helped to make up losses suffered throughout 2022-23 when oil had hit $90 per barrel.
Sequentially, nevertheless, the revenue was 37% decrease than the Rs 12,967.32 crore revenue posted by India’s largest public sector refiner and fuel retailer within the July-September quarter of the 2023-24 fiscal.
An organization assertion on Thursday pegged gross refining margin $13.2 per barrel in the course of the April-December 2023 interval towards $21 within the corresponding interval of 2022. It didn’t give refining margin for the December quarter.
The firm mentioned its revenue has risen within the 2023-24 fiscal “mainly on account of higher marketing margin and lower exchange losses.” But in actuality, the revenue has been pushed by persevering with the freeze on pump prices even when oil prices got here down for prolonged intervals, permitting the corporate to reap hefty advertising and marketing margin from petrol and diesel gross sales.
Pump prices have been frozen since May 2022 beneath casual authorities diktat. Crude was hovering at $85 per barrel when fuel prices had been frozen, whereas it’s buying and selling under $80 since September. While the corporate mentioned it left fuel prices unchanged to cushion shoppers from the influence of oil price spike, in actuality it additionally helped to make up losses suffered throughout 2022-23 when oil had hit $90 per barrel.
