Indian Oil’s quarterly profit diminish 52% due to inventory losses, low fuel prices
                    
Indian Oil Corporation (IOC) on Tuesday reported a 52 percent decline in fourth quarter profit as the company sold fuel below market prices due to inventory losses. While India is the world's third-largest oil importer and consumer, Indian Oil controls about a third of India's five million barrel-per-day refining capacity with its unit Chennai Petroleum.
However, India has been buying increasingly cheaper Russian oil as discounts have fallen from $30 a barrel in 2022 to less than $10 this year, while refiners also cut fuel prices at the pumps ahead of this year's general elections. IOC reported a 52% decline in profit to 48.38 billion rupees ($579.77 million) in the quarter ended March 31.
Refiners purchase crude oil and practice it after a gap of 45 to 60 days. Inventory gains are ...                
                
            









