Bharat Petroleum Corporation Ltd (BPCL) expects a significant improvement in gross refining margin (GRM) in the second quarter of FY20, after the state-owned oil marketing company (OMC) posted a GRM of $0.39 per barrel in the quarter ending June 2020, compared to $2.81 per barrel in the year-ago period.
The company had posted a profit of Rs 2,076 crore despite GRM being low on the back of inventory gains from a revival in the price of crude oil from lows of around $20 per barrel in April.
BPCL executives noted that petrol sales had reached pre-Covid levels and diesel sales are expected to reach near pre-Covid levels in two-three months.
Meanwhile, BPCL Chairman K Padmakar said the impending privatisation of the company would likely lead to the unlocking of greater value. He said the privatisation was expected to “unlock tremendous value through the sharpening of professionalism, improvement in efficiencies, increased investments, access to advanced technologies.”
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