Indian Oil Corporation Ltd reported a 90.91 per cent plunge in profits in the third quarter of 2018-19 compared to the corresponding quarter in the last fiscal. The third quarter of the financial year 2017 – 18 reported a profit of Rs 7883.22 crores while that of the current fiscal reported Rs 716.82 crores.
Lower profits were due to reduced gross refinery margins impacted by inventory losses and poor margins on petrol. There was a $30 fall in crude oil prices during October to December 2018 quarter. Also, IndianOil along with with Bharat Petroleum and Hindustan Petroleun took a Re 1 per litre price cut for petrol and diesel as the government wanted to reduce the impact of higher crude prices on consumers.