India’s third largest oil refiner India Petroleum Corporation (BPCL) said on Saturday (July 21) that due to the decline in fuel profit margins, Middle East manufacturers are expected to further reduce the official price of crude oil (OSP) in the next few months.
The decline in the difference between fuel cracking (that is, the difference between the cost of crude oil and the sales of refined oil) is cracking down on the profitability of global oil refineers.As of July 19, Asia’s comprehensive oil refining profit margin has fallen by half, to $ 4.10 per barrel, and in February, it was about $ 8.20 per barrel.
India Petroleum said on Friday that within the three months as of June 30, its net profit decreased by 71% from the same period last year to 30.15 billion Indian rupees (US $ 360 million), partly due to the decline in profit margins.
Earlier this month, Saudi Arabia lowered the price of crude oil to Asia for the second consecutive monthPune Wealth Management. In August, its flagship product Arab light crude oil prices fell to the lowest level since March.Ahmedabad Stock
Most of the crude oil demand of Indian oil refiners comes from suppliers in the Middle East.
After a series of sanctions on Western countries’ invasion of Ukraine, Indian refineers also increased imports of Russian crude oil sold by discount prices.Kolkata Stocks
According to Gu Puta, the account director of India Petroleum Corporation, Russian crude oil discount discounts have remained at $ 3.50-4 per barrel at $ 3.50-4 per barrel, and added that Russian oil accounts for about 40%of the overall volume of BPCL crude oil.
The BPCL processing about 700,000 barrels of crude oil through its three refineries per day, and selling about 52.5 million tons of fuel per year through the sales point across the country.Surat Stock
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