Oil marketing companies Bharat Petroleum Corporation and Hindustan Petroleum Corporation have reported stellar performance in the December quarter, with net profits significantly higher than in the year-ago period.
BPCL reported net profit of ₹1,488.6 crore backed by gross refining margin (the difference between the cost of crude oil and the price of refined products) of $7.67 a barrel. Crude throughput for the quarter was 5.87 million tonnes.
HPCL reported quarterly net profit of ₹1,042.26 crore with a GRM of $7.86 in the quarter.
Speaking about the proposed ₹1.5 lakh crore mega refinery in Maharashtra, Nishi Vasudev, CMD, HPCL, said at a press conference in Mumbai: “A working group has been set up to look at the modalities of the refinery. The State government has been asked to identify and allot land for the project.”
The refinery, proposed in January by Union Minister for Petroleum and Natural Gas, Dharmendra Pradhan, is intended as a joint venture between the three state oil marketing companies, Indian Oil Corporation, HPCL and BPCL.
HPCL has declared an interim dividend of ₹11.50 this quarter, while BPCL declared ₹15.50 a share for the quarter.