IOCL Official: Crude Oil Prices Highly Volatile in Q2

The Hindu - Business · business

Indian Oil Corporation's Director (Finance) Anuj Jain stated that crude oil prices were highly volatile in the September-end quarter, with procurement occurring at both discounts and premiums. The company's net profit more than doubled to ₹21,630 crore, driven by improved refining margins and a temporary dip in crude oil prices. Under-recoveries on LPG cylinders are projected to increase significantly from September through December. Jain explained that crude procurement varied from a $5 per barrel discount to a $12 per barrel premium, influenced by factors like procurement basis and freight costs.