Archive · 3 Aug 2026
India's OMCs: Strong Refining, Weak Marketing in June Quarter
In India, the big oil companies did well in making fuel, but they lost money when selling it.
Two companies, HPCL and BPCL, lost a lot of money on marketing.
Indian Oil didn't lose much.
HPCL is the biggest in marketing, followed by BPCL.
A brokerage firm said the good refining was not enough to cover the marketing losses.
Motilal Oswal noted strong refining but weak marketing margins.
HPCL and BPCL recorded double‑digit losses in marketing margins for the June quarter.
Indian Oil’s marketing margin loss was negligible.
HPCL has the highest exposure to the marketing segment among the three.
BPCL follows HPCL in marketing exposure.
- Who
- Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation Limited, Indian Oil Corporation Limited, Motilal Oswal
- What
- Marketing margin performance of India's oil marketing companies in the June quarter
- When
- June quarter
- Where
- India
- Why
- Strong refining performance was offset by marketing losses
- Refining performance
- Strong
- Marketing margin loss HPCL
- Double‑digit
- Marketing margin loss BPCL
- Double‑digit
- Marketing margin loss Indian Oil
- Negligible
- Highest marketing exposure
- HPCL
- Second highest exposure
- BPCL