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Petroleum Sector
State-owned fuel retailers reported bumper profits in the June quarter, as a freeze on retail prices boosted petrol and diesel margins, offsetting earlier inventory losses. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) reported a combined profit of Rs 16,184 crore in April-June, the first quarter of FY26 - more than two-and-a-half times higher year-on-year, according to regulatory filings by the companies. Among the three, BPCL led with a Rs 6,124 crore profit, surpassing IOC's Rs 5,689 crore, despite being nearly half its size. HPCL posted a net profit of Rs 4,371 crore in Q1. BPCL also fared well on refining margins, earning USD 4.88 in turning every barrel of crude oil into fuels like petrol and diesel. This was better than the USD 2.15 per barrel gross refining margin of IOC and the USD 3.08 of HPCL. Its refinery run rate at 118 per cent (of installed capacity) was higher than 107 per cent of IOC and 10.9 per
India Saturday forcefully rejected Washington's criticism that it is running a "profiteering scheme" by buying discounted Russian crude oil with External Affairs Minister S Jaishankar asserting that New Delhi's procurement has been in national and global interest. Jaishankar emphatically said that India will continue to take decisions on the matter independently and suggested that the previous US administration was supportive of New Delhi's procurement of Russian energy as it stabilises the oil market. "It's funny to have people who work for a pro-business American administration accusing other people of doing business," Jaishankar said. "That's really curious. If you have a problem buying oil or refined products from India, don't buy it. Nobody forces you to buy it. But Europe buys, America buys, so you don't like it, don't buy it," he said. His comments at the Economic Times World Leaders Forum came when asked about US officials criticising India on its energy ties with ...
Petrol consumption spiked by about 10 per cent in the first half of May as summer season travel led to a surge in demand for the fuel, according to provisional sales data of state-owned fuel retailers. Petrol consumption rose to 1.5 million tonne during May 1-15 from 1.37 million tonne sales a year back. Its demand was up 10.5 per cent over consumption of 1.36 million tonne in May 1-15, 2023 and nearly 46 per cent higher than Covid-marred first fortnight of May 2021. Diesel sales were up 2 per cent to 3.36 million tonne, the data of three state-owned fuel retailers, who control about 90 per cent of the fuel market, showed. The consumption of India's most used fuel has rebounded since last month. Diesel, the lifeline of transport and rural agri economy, saw just 2 per cent growth in demand in fiscal year ended March 31, 2025. In April, diesel consumption rose to 8.23 million tonne, up nearly 4 per cent over demand in the year-ago period. During May 1-15, diesel sales were 2 per cent
India's diesel consumption rebounded in April, recording a 4 per cent increase in demand after months of low or negative growth, driven by the start of summer season with warmer days and nights. Diesel, India's most consumed petroleum fuel and lifeline of transport and rural agri economy, saw just 2 per cent growth in demand in fiscal year ended March 31, 2024 and no growth at all in the preceding financial year. In April, diesel consumption rose to 8.23 million tonnes, up nearly 4 per cent over demand in the year ago period, according to latest data available from the Petroleum Planning and Analysis Cell of Ministry of Petroleum and Natural Gas. The consumption was 5.3 per cent more than April 2023 and 10.45 per cent higher than the previous Covid-2019 period. Onset of summer triggers rural demand for irrigation as well as for air-conditioning in urban areas. The 4 per cent rise in April 2025 is the highest recorded volume for this month and second highest ever volume in any ...
A proposed multi-product petroleum pipeline between India and Sri Lanka will proceed only if economically viable, not based on political considerations, the head of Sri Lanka's national oil company has said. Deliberation on the possible trilateral cooperation between India, Sri Lanka and the United Arab Emirates was held during President Anura Kumara Dissanayake's visit to India last year. Ceylon Petroleum Corporation Chairman W A Rajakaruna told the Daily Mirror newspaper that currently the project is being assessed for its feasibility. "We will assess the project for its feasibility. We will press ahead only if it is feasible. We cannot decide on it over political reasons only," the report quoted him as saying. Rajakurana said he participated in talks about this with President Dissanayake last week. The project is part of the energy connectivity between Sri Lanka and India. There is a proposal for power grid connectivity between the two countries, according to the report. Accor
Continental Petroleums on Monday posted a net profit of Rs 1.41 crore in the December quarter. Operating income on a standalone basis increased to Rs 29.22 crore during the quarter as against Rs 9.16 crore same period last year, a company statement said. According to the statement, Continental Petroleums registered 90.54 per cent growth in standalone net profit to Rs 1.41 crore for the third quarter, up from Rs 0.74 crore same period last year on the back of a steady demand and increased share of high-margin value added products. Earnings per share increased to Rs 2.53, as against Rs 1.33 a year ago. Madan Lal Khandelwal, Chairman and Managing director, CPL, said, "Common treatment disposal/incineration facility (CTDF) has substantially contributed to our bottomline while the EPC vertical has significantly contributed to both the topline and bottomline of the company." Continental Petroleums Ltd (CPL) is one of the leading manufacturers of industrial Lubricants & Greases in India.
Petrochemicals manufacturer Tamilnadu Petroproducts Ltd reported a standalone profit after tax of Rs 10.31 crore for the October-December 2024 quarter, driven by efficient cost management and improved realisations, the company said on Wednesday. The Chennai-based company, a leader in the production of industrial intermediate chemicals and chlorine, had recorded a profit after tax of Rs 2.44 crore during the corresponding quarter of the previous year. Standalone revenue for the October-December 2024 quarter grew to Rs 465.13 crore from Rs 351.98 crore in the year-ago period. In a statement, Tamilnadu Petroproducts Ltd said its operating performance reflected optimal production, efficient cost management, and improved realisations in the current competitive environment. The company incurred Rs 86 lakh in material damage and plant restoration expenses during the quarter under review, following the impact of Cyclone Michaung in December 2023. "Our Q3 results reflect revenue growth and