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A Challenging Year Ahead for Oil Marketing Companies
BW Businessworld
|November 16, 2024
INDIA'S OIL MARKETING Companies (OMCs) face a challenging fiscal 2025 as operating profits are expected to drop significantly to $12-14 per barrel from last year's $20, driven by declining diesel spreads, reduced discounts on Russian crude, and inventory losses, as crude prices settle around $75 per barrel.
Although this is above the long-term average of $9-11 per barrel over the last decade, the profit contraction casts concern on the sector's financial resilience, especially with substantial capital expenditures (capex) continuing, stated a recent report from CRISIL.
This story is from the November 16, 2024 edition of BW Businessworld.
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