NEW DELHI: State-run Indian Oil Company’s internet revenue leaped to Rs Rs 8,063 crore within the third quarter (October-December 2023) in comparison with Rs 448 crore within the earlier corresponding interval, pushed by the sharp drop in crude since September amid unchanged gasoline costs.
Sequentially, nonetheless, the revenue was 37% decrease than the Rs 12,967.32 crore revenue posted by India’s largest public sector refiner and gasoline retailer within the July-September quarter of the 2023-24 fiscal.
An organization assertion on Thursday pegged gross refining margin $13.2 per barrel through the April-December 2023 interval towards $21 within the corresponding interval of 2022. It didn’t give refining margin for the December quarter.
The corporate stated its revenue has risen within the 2023-24 fiscal “primarily on account of upper advertising and marketing margin and decrease change losses.” However in actuality, the revenue has been pushed by persevering with the freeze on pump costs even when oil costs got here down for prolonged intervals, permitting the corporate to reap hefty advertising and marketing margin from petrol and diesel gross sales.
Pump costs have been frozen since Could 2022 underneath casual authorities diktat. Crude was hovering at $85 per barrel when gasoline costs have been frozen, whereas it’s buying and selling under $80 since September. Whereas the corporate stated it left gasoline costs unchanged to cushion customers from the impression of oil worth spike, in actuality it additionally helped to make up losses suffered throughout 2022-23 when oil had hit $90 per barrel.
Sequentially, nonetheless, the revenue was 37% decrease than the Rs 12,967.32 crore revenue posted by India’s largest public sector refiner and gasoline retailer within the July-September quarter of the 2023-24 fiscal.
An organization assertion on Thursday pegged gross refining margin $13.2 per barrel through the April-December 2023 interval towards $21 within the corresponding interval of 2022. It didn’t give refining margin for the December quarter.
The corporate stated its revenue has risen within the 2023-24 fiscal “primarily on account of upper advertising and marketing margin and decrease change losses.” However in actuality, the revenue has been pushed by persevering with the freeze on pump costs even when oil costs got here down for prolonged intervals, permitting the corporate to reap hefty advertising and marketing margin from petrol and diesel gross sales.
Pump costs have been frozen since Could 2022 underneath casual authorities diktat. Crude was hovering at $85 per barrel when gasoline costs have been frozen, whereas it’s buying and selling under $80 since September. Whereas the corporate stated it left gasoline costs unchanged to cushion customers from the impression of oil worth spike, in actuality it additionally helped to make up losses suffered throughout 2022-23 when oil had hit $90 per barrel.
