BPCL Made 40% Less Money Than Its Peers In Third Quarter
India’s second-largest state-run oil marketer reported the lowest gross refining margin among its peers for the quarter ended December, beset by plant shutdowns and fire mishaps.
Bharat Petroleum Corporation Ltd. had shut the crude distillation and secondary units at its Kochi refinery for maintenance from December. A fire mishap disrupted operations at its Mumbai refinery in the last quarter. This resulted in its gross refining margin—the money it makes by refining every barrel of crude oil—trailing that of Hindustan Petroleum Corporation Ltd. and Indian Oil Corporation Ltd. by nearly 40 percent.
The three state-run oil retailers reported higher-than-expected profit for the three months through December due to higher gross refining margin.