Bharat Petroleum Corporation

BPCL's market sales for the December quarter stood at 12.81 MMT versus 11.21 MMT reported last year

Fear of worsening economic slowdown in China has dealt the latest blow to global crude oil, with daily prices falling to their lowest since January 4, 2022

Although the Indian crude basket fell from an average of $109.5 per barrel in Q1 to an average of $97.87 a barrel in Q2, prices remained high in absolute terms

This will help them tide over continuing losses in providing domestic liquified petroleum gas

State-owned oil marketing companies IOC, BPCL and HPCL may for the first time ever post the second consecutive quarterly loss with a combined loss of Rs 21,270 crore in July-September, on holding petrol and diesel prices below the cost of production. The three state-owned firms -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), had in the first quarter of the current fiscal year (April-June) posted a combined loss of Rs 18,480 crore due to erosion in the marketing margin on petrol, diesel and domestic LPG. "The three oil marketing companies IOC, BPCL and HPCL remain trapped in the quagmire of weak marketing losses and there is not enough traction in refining margins," ICICI Securities said in a sector report. The three firms are to announce second quarter earnings later this month or in early November. In the first quarter, record refining margins were wiped away by losses booked on not revising petrol and diesel

Indian state refiners plan to lock-in more of their crude supplies in term deals, worried that tighter Western sanctions on Russia, including from the EU

In a bid to recover past losses the state-run oil companies may not immediately lift the six-month-long freeze on daily pricing of automobile fuel rates despite a nearly 30% decline in prices

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State-owned Bharat Petroleum Corporation Ltd (BPCL) is likely to incur gross marketing losses in the current fiscal as it is unable to pass cost to consumers, Fitch Ratings said Monday. The rating agency affirmed 'BBB-' rating on BPCL with stable outlook. "Fitch expects BPCL to generate gross marketing losses in FY23, as the Indian oil marketing companies (OMCs) bear the largest burden of surging crude oil prices, with only limited increases being passed on to consumers despite cuts in taxes on retail sales. "We believe near-term prices will remain a function of the government's efforts to balance OMCs' financial health with inflationary and fiscal pressures," it said. The marketing segment, however, should turn profitable from FY24 (April 2023 to March 2024) as crude oil prices fall. "We expect marketing margins to remain aligned with crude oil prices over the long term," Fitch said. The government previously allowed OMCs to recoup losses from the temporary suspension of daily p

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The plan to offload the Centre's 52.98 percent stake in the oil major could not go forward as there was not sufficient number of bids

The government currently owns a 52.98 per cent stake in BPCL. It had sought to sell its entire stake in the disinvestment process

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OMCs to shift to single uniform system instead of the prevailing dual pricing mechanism for domestic and overseas airlines

A moderation in international oil prices has helped Indian fuel retailers to break even on petrol and domestic cooking gas LPG but they continue to lose money on diesel, the most used fuel in the country, an official said on Monday. State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) did not raise petrol and diesel prices for almost five months now despite rising international oil prices. This is because international oil prices were highly volatile, rising or falling by USD 5-7 per barrel on a single day, BPCL chairman and managing director Arun Kumar Singh told reporters. "Our ability to pass on this kind of volatility is simply not there. No marketer can transfer this kind of volatility," he said, adding, "It is our deep desire to absorb volatility. We don't pass on sharp increase or fall in prices." And so the oil companies decided to absorb "some losses with hope that we can make up for

Bharat Petroleum Corporation Ltd, India's second-largest oil refining and fuel retailing firm, plans to scale up its renewable energy portfolio to 10 GW by 2040 - the year it is targeting net-zero carbon emission, chairman Arun Kumar Singh said on Monday. Addressing the company's annual shareholders' meeting, he said BPCL is diversifying and expanding into adjacent and alternate businesses, which will not only provide additional revenue streams but also offer a hedge against any decline in the oil and gas business. "The company has identified six strategic areas - petrochemicals, gas, renewables, new businesses, that is, consumer retailing, e-mobility and upstream - which will serve as pillars of future growth and create sustainable value for all stakeholders, while the core business of refining and marketing of petroleum products continues to provide stability and funding bandwidth," he said. This is with a view to achieving net-zero emissions by 2040, he added. In the renewable .

According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and domestic LPG

Net loss of Rs 6,290.8 crore in April-June compared with Rs 3,192.58 crore in the same period a year back, the company said in a statement.

Petrol and diesel prices are down by $40-50 per barrel from month-ago levels

Several flights of Sri Lankan Airlines, Air Arabia, Jazeera Airways, Gulf Air and Air AirAsia Malaysia are depending on Indian airports starting from May onwards, giving additional revenue to OMCs