The average GRM of major state-run OMCs, including Indian Oil Corp. Ltd (IOCL), Hindustan Petroleum Corp. Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) in FY23 rose 68-109% over FY22, reporting an average of $19.52 per barrel, $12.09 and $20.04 a barrel, respectively, In FY22, it was at $11.25, $7.19 and $9.66 per barrel, respectively, according to their financial earnings documents for the last fiscal year.
However, the PSUs said in the regulatory filings: “Suppressed marketing margins of certain petroleum products have offset the benefit of higher GRM".
Retail prices of diesel and petrol have remained flat since November 2022, despite the volatility in the global crude prices.
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