Bharat Petroleum Corporation Ltd, stronger refining margins and recovering fuel marketing margins were the driving forces behind the March quarter's net profit more than doubling. According to a company stock exchange statement, the business's standalone net profit for the January-March quarter was Rs 6,478 crore compared to Rs 2,501 crore for the same period last year.
The increase in fourth-quarter net profit offset the losses the company had to incur in the first half of the financial year from maintaining petrol, diesel, and LPG prices despite an increase in cost, resulting in a net profit of Rs 1,870.10 crore for the entire fiscal year 2022–23 (April 2022 to March 2023) for the company.
BPCL and other state-owned fuel merchants keep their pricing the same, but thanks to a decline in the price of crude internationally, they are now making substantial margins. Since April 6 of last year, there has been a price freeze on petrol and diesel. In April of last year, the basket of crude oil that India buys cost more than $100 a barrel, but it is now less than USD 75.
In refineries like those owned by BPCL, crude oil is transformed into fuel. The three state-owned businesses continue to maintain rates despite the declining prices in order to make up for losses incurred in the first half of the fiscal year.
