India’s oil marketing companies (OMCs) could see operating profit rebound to Rs 1 lakh crore this fiscal, compared with an average of Rs 60,000 crore between fiscals 2017 and 2022 and thrice last fiscal’s low of Rs 33,000 crore. The rebound in the operating profit of oil marketers is set to ride on softer crude and improvements in credit metrics despite large capex, as indicated by an analysis of three OMCs rated by CRISIL Ratings, accounting for the entire sector.
Government-owned OMCs earn from two businesses: refining, where they earn a gross refining margin, which is the value of refined products at the refinery gate minus the cost of crude oil used to produce them; and marketing, where they earn a margin on petrol, diesel, and other petroleum products sold mainly through retail pumps. According to a Government response in Lok Sabha on July 27, 2023, the refining capacity of crude oil by Indian refineries is 253.92 million metric tonnes per annum (MMTPA). Official data of the Ministry of Petroleum and Natural Gas (MoPNG) suggests that the refining capacity of Indian refineries is projected to increase by about 56 MMTPA by the year 2028, Minister of State (MoPNG) Rameswar Teli informed the House.
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