Indian refiners post higher profits amid global fuel supply disruptions
Indian oil refiners are riding a wave of higher profits thanks to global supply issues that have pushed up fuel prices.
With disruptions in West Asia and Russia, plus low inventories, companies like Reliance and BPCL have reported stronger diesel, petrol, and aviation fuel cracks, even as they face higher crude costs and shipping fees.
Reliance Industries oil-to-chemicals profit up 68%
Reliance's oil-to-chemicals business jumped 68% in profit last quarter.
To keep things running smoothly despite shipping hurdles, Indian refiners are now sourcing crude from places like Russia and Venezuela.
State-run firms also saw solid margins, though new taxes and rising costs mean the wins come with some challenges.
Geopolitical tensions have made gasoline nearly three times pricier than last year, but Indian companies are holding steady for now.