Indian Oil quarterly net profit down by 47% to Rs 1,911 crore on inventory loss due to oil price crash

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Indian Oil Corporation (IOCL) reported a net profit of Rs 1,910.8 crore on a standalone basis for the quarter ended June 30, recording a 46.9% drop from the same period a year ago. The state-run oil refining and marketing company attributed the fall in profit to inventory losses, stemming from fluctuations in global oil prices. The […]

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Oil marketing companies (OMCs) likely to hike fuel prices for BS-VI compliant gasoline

National oil marketer Indian Oil Corporation (IOC) said it is ready to supply low emission BS-VI fuels from 1 April, 2020 and that there will be a marginal increase in retail prices. The largest oil supplier has spent over Rs 17,000 crore to upgrade its refineries to produce the low-sulphur diesel and petrol, the company’s chairman Sanjiv […]

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Falling demand in India may prompts India to export diesel

India’s sputtering economy is turning the energy-hungry nation into an unlikely source of diesel exports, reports Bloomberg. The industrial fuel is the lifeblood of Indian manufacturing, transport and agriculture, making it the country’s most-consumed petroleum product. But five straight quarters of slowing growth is taking an increasing toll on demand, resulting in diesel consumption slumping to the lowest since […]

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