The duration of the average gross refining margin (GRM) 9m Fy25 was $ 3.69 per barrel compared to $ 13.26 in 9 m Fy24. | Photo credit: Anushree Fadnavis
It is expected that the performance of state Indian Petroleum Corporations (IOCL) will be of silenced Q4 Fy25 largely due to the increase in LPG in weak recovery and margins.
However, the largest oil marketing company in the country (WTO) is expected to publish a better performance sequentially. While retail volumes and margin recovery support, higher supplies costs and global softness in refining can drag profitability.
JM Financial expects IOCL’s operational profits to improve the quarter against quarter (QOQ) on a low base due to a great duration of inventory loss ($ 3.7 per barrel) Q3Fy25.
Emkay Global Financial Services said that the gross refining margins (GRMS) corrected around $ 3.2 per barrel of $ 5 QOQ, largely due to a sequential decrease of approximately 23 percent in gasoline propagations, while Gasoil was stable.
Russian raw imports decreased, and discounts are limited to the duration of the quarter due to the strictest sanctions in the United States, while the official sales price premiums of the Middle East (OSP) were also higher, he added.
“We build an inventory gain for IOCL due to an elongated cycle,” the broker anticipated.
JM Financial said that the average margin of gross marketing of the OMT’s automatic fuel remains strong in ₹ 7 per liter in Q4Fy25, but is lower compared to very strong margins of ₹ 9.5 per liter in Q3Fy25 due to a basic qoq.
Besighes, it is likely that LPG sub-resources be high in around ₹ 12.2 billion rupees in the fourth quarter of fiscal year 2015 (Third quarter of fiscal year 2015: ₹ 11.7 billion rupees) in the absence of any government compensation, he added.
Duration Q3 Fy25, IOCL reported a decrease of 77 percent year -on -year (interannual) in the net profits consolidated in around ₹ 2,147 million rupees in the third quarter of 2015 largely due to currency losses and inventory. In Q2Fy25, I had published a loss of around ₹ 449 million rupees.
This despite the company calculating its higher products from 26.13 million tons (MT) in the third quarter of fiscal year 2015.
The duration of the average gross refining margin (GRM) 9m Fy25 was $ 3.69 per barrel compared to $ 13.26 in 9 m Fy24. Core GRM, after the loss of inventory, stood at $ 4.22 per barrel at 9 m for fiscal year 2015. In Q2 Fy25, its Core GRM stood at $ 2.95 per barrel compared to $ 13,53 per year.
Worldwide, the decrease in product crack prices impacted the IOCL GRM. Cracks is the price difference between a barrel of crude oil and its refined oil products. The prices of the Diesel crack fell to $ 10.8 per barrel in the third quarter of 2024 of $ 19.18 in the third quarter of 2023, while gasoline cracks (gasoline) decreased to $ 3.63 per barrel of $ 7.04 per barrel.
The PSU reported around ₹ 7.8 billion rupees such as Delta de Loss of inventory in the third quarter of fiscal year 2015, as well as around ₹ 1.9 billion rupees or the loss of currency delta. In terms of GRP sales, IOCL said that on December 31, 2024, it had a cumulative net shock absorber or ₹ 14,325 million rupees.
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Posted on April 30, 2025
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