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Synopsis
In the last six years, net profits of IOC, BPCL, and HPCL have grown exponentially. Since March 2022, Brent crude prices have fallen more than 45%. But there has been no reduction in petrol, diesel prices at the fuel pumps. Indian oil refiners are not only buying cheaper crude, but also exporting the refined products and making killer profits.
The bosses at Indian Oil Corporation (IOC), India’s largest oil refiner and fuel retailer, must be beaming with pride. Ditto must be the story at BPCL and HPCL.For, in the last six years, net profits of top three oil-marketing companies (OMCs) in the country — IOC, BPCL, and HPCL — have grown exponentially. IOC’s net profit stood at INR5,273 crore in FY15. Its net profit in FY22 rose to INR24,184 crore — a 5x growth. The combined net profit of
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