 "Oil, OMCs, Oil rig, Fuel, Indian Oil, Hindustan OIL, Bharat Petroleum, Petrol, Gas, LPG, Oil drilling, block, basin")
Continuing volatility in international crude and product prices is likely to benefit marketing earnings of oil marketing companies (OMCs) in the fourth quarter of 2022-23, according to analysts.
State run-companies such as IOCL, BPCL and HPCL are expected to see a strong sequential improvement in operating earnings in Q4, results of which are set to be released in the coming days. As a result, margins on diesel are set to turn positive for the first time in the past five quarters, a report by ICICI Securities said.
“Post record-high losses of Rs 17.4 per litre on petrol and Rs 27.7 per litre on diesel for the week ended 24th Jun’22, margins have steadily improved over the past 6 months,” it
