Refining margins of state-run oil firms drop

NEW DELHI: Gross refining margins (GRM) of public sector oil marketing companies (OMCs) have fallen by up to 80% in the first half of this financial year, showed data from the Petroleum Planning & Analysis Cell (PPAC), amid shrinking discounts of Russian oil and declining prices in global markets, experts said.

- Rituraj Baruah

Mangalore Refinery and Petrochemicals Ltd (MRPL), a public sector enterprise under the petroleum ministry and a subsidiary of Oil and Natural Gas Corp. Ltd (ONGC), reported the biggest drop in its refining margins, which fell 80.17% to $2.56 per barrel during the April-September period from $12.91 in the same period last fiscal.

The GRM of Chennai Petroleum Corp. Ltd (CPCL), a group company of state-run Indian Oil Corp. Ltd (IOCL) fell 71.66% to $2.93 per barrel from $10.34 in the same one-year period, showed the reported titled Monthly Ready Reckoner for November.