- Increase in the marketing margin of the company
- Still petrol is expensive for the common man
- Oil companies should reduce their profit margins so that the common man can get cheaper petrol.
New Delhi. Public sector oil marketing company Indian Oil Corporation (IOC) said on Tuesday that its net profit was recorded at about Rs 13 thousand crore in the September quarter of the current financial year.
IOC has made a huge profit of Rs 12,967.32 crore in this quarter itself, a little more than half of its highest annual profit. On one hand the earnings of this oil company have increased while on the other hand the common man has to buy expensive petrol. The company told the stock market that this increase in net profit was due to increase in refining and marketing margins. It had registered a loss of Rs 272.35 crore in the same quarter of the last financial year. Despite the fall in crude oil prices, petrol and diesel prices were not reduced, which helped the company recover its losses.
IOC's pre-tax income from sale of petroleum products increased to Rs 17,755.95 crore in the second quarter of the current financial year. This figure was Rs 104.04 crore in the same period of the last financial year. IOC's income declined to Rs 2.02 lakh crore in July-September, from Rs 2.28 lakh crore in the same period of the last financial year.
IOC said it earned US$13.12 on converting each barrel of crude into fuel in the April-September 2023 half year.
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