Indian state-controlled refiner IOC reported a near three-fold increase in its gross refining margin (GRM) during January- March, largely on inventory gains, compared with losses a year earlier. IOC posted $8.95/bl in the latest quarter compared with $2.99/bl a year earlier on gains from stocks. It reported $7.67/ bl in the October-December quarter. GRMs for the 2016-17 fiscal year rose by 54pc, to $7.77/bl from $5.06/bl a year earlier, because of lower inventory losses and better margins after the commissioning of the Paradip refinery.
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