Oil marketing companies in red without subsidy

Within a week of announcing a rise of about 12% in petrol prices, IndianOil, HPCL and BPCL announced huge increases in their fourth-quarter profits, though on an annualised basis, the profits look paltry. The Centre’s direct subsidy, coupled with burden sharing by ONGC, OIL and GAIL, pulled them out of the red.(Click on graphic)