Fuel Refinery

HPCL Q2 results: Net profit slumps 98% on fall in refining, fuel margin

State-owned Hindustan Petroleum Corporation Ltd (BPCL) on Friday reported a massive 97.5 per cent drop in net profit in the September quarter, as refinery margins fell and marketing margins shrunk. HPCL reported a consolidated net profit of Rs 142.67 crore in July-September -- the second quarter of the current 2024-25 fiscal year -- compared to a profit of Rs 5,826.96 crore a year back, according to a stock exchange filing by the company. Net profit also declined sequentially, when compared to an earning of Rs 633.94 crore in the April-June period. Pre-tax earnings from downstream fuel retailing businesses slumped to Rs 1,285.96 crore from Rs 6,984.60 crore in July-September 2023. The company and other state-owned fuel retailers -- Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (HPCL) -- had last year made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses BPCL and the

China's annual oil refinery output falls for first time in 20 months

The 3.3 per cent fall was the first year-on-year decline since August 2022

IndianOil sets sight on Grand Prix, to join high table of F1 fuel producers

After delivering back-to-back innovations in fuel grades, Indian Oil Corporation (IOC) has now set sight on the Grand Prix and will in next three months start producing fuel used in adrenaline-pumping Formula One or F1, motor racing. The firm's refinery at Paradip in Odisha will in three months produce the petrol used in F1 car racing, its chairman Shrikant Madhav Vaidya said. IOC, the country's largest oil firm controlling roughly 40 per cent of fuel market share, will be the first Indian company and only a handful globally that will produce fuel used in F1 racing. Vaidya said the company expects to get its Formula 1 fuel certified in around three months, after which it will start competing with other global majors like Shell to supply it to the F1 teams. F1 fuel is essentially high-octane petrol and the standards are heavily regulated by global motor sport governing body Federation Internationale de l'Automobile (FIA) on various counts, including permissible additives and blendin

Remarks on Prophet threaten to fray India's energy ties with Islamic world

West Asia is also India's biggest supplier of LPG, the fuel that is used in kitchens. India imported 48 million tonnes, or 58 per cent of the fuel used in the last three fiscals

'India should plan strategic fuel reserves', says Power Secy Alok Kumar

Several reforms in power transmission for renewables are in the offing, says union secretary of power, Alok Kumar

April refinery output down 29%, natural gas falls 19% as consumption tapers

Industry experts say consumption of petroleum products in April was only 30-40% of what it had been prior to lockdown

Domestic companies see gross refining margins nosedive in December quarter

More hit expected in March quarter

Modi inaugurates $6.8-bn fuel refinery in Rajasthan to meet demand surge

The project is now estimated to be completed by 2022-23