IOCL, HPCL, BPCL – Margin Mix Improves, But Still A Long Way To Go: ICICI Securities


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The recent decline in crude prices has reflected in the sharply higher marketing margin on petrol, as gasoline prices have declined in step with crude.

Also, while diesel margins have remained strong despite overall worries on global demand for petroleum fuels, absolute prices for diesel have also dipped, helping retail fuel losses to narrow for diesel and for petrol margins to move to a positive territory by August 2022.

We have tried to look at the combined gross margins from refining and marketing of petrol and diesel over FY23. Earnings for all the three oil marketing companies (Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd.) have shown a marked improvement over July and August 2022, even though first two weeks of September 2022 (so far) have once again shown a reversal of these trends.

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