NEW DELHI: After a tepid FY23, the PSU oil marketing companies have turned the table and raked in record profits in FY24. The three state-owned oil marketing companies (OMCs) – IOCL, BPCL and HPCL – have together posted `82,500 crore standalone profit in 2023-34, 71 times the profit earned in the previous year. This is significant because these companies have been holding fuel price cuts citing low profitability. Experts cite robust double-digit gross refining margins (GRM) and healthy…
Read More…
Oil companies register 71 times profit in FY24
