Continuing volatility in international crude and product prices is likely to benefit marketing earnings of oil marketing companies (OMCs) in the fourth quarter of 2022-23, according to analysts.
State run-companies such as IOCL, BPCL and HPCL are expected to see a strong sequential improvement in operating earnings in Q4, results of which are set to be released in the coming days. As a result, margins on diesel are set to turn positive for the first time in the past five quarters, a report by ICICI Securities said.
“Post record-high losses of Rs 17.4 per litre on petrol and Rs 27.7 per litre on diesel for the week ended 24th Jun’22, margins have steadily improved over the past 6 months,” it said.
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