Oil

During the quarter ending December 2018, Indian Oil Corp has suffered a major setback. According to the results released on Wednesday, the company's quarterly profit fell to 917 million rupees with a decrease of 91 percent. Due to poor results, the company's stock fell to around 136 percent


Pressure on increased margins by lowering prices

Crude prices in the international market were sharply hit for the three companies of public sector companies - IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL). In October, three government companies were forced to cut fuel prices. This increased the pressure on their margins. The government also wanted that the burden of oil prices on consumer would be reduced. This increased the pressure of the three companies.


Great drop in gross refining margins

According to the filing given in the stock exchanges, during the third quarter of 2018-19, the profit of IOC dropped to Rs 717 crores, compared to Rs 7,883 crores during the same period a year ago.
Talk about the period of the first nine months of the year i.e. April-December, the IOC's gross refining margin declined to $ 5.83 a barrel, compared to $ 8.28 a barrel in the same period a year ago.