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Bharat Petroleum to incur gross marketing losses in current fiscal: Fitch

Business Standard LogoBusiness Standard2 mo ago

Bharat Petroleum to incur gross marketing losses in current fiscal: Fitch - Business Standard

Quick Summary:

"Fitch expects BPCL to generate gross marketing losses in FY23, as the Indian oil marketing companies (OMCs) bear the largest burden of surging crude oil prices, with only limited increases being passed on to consumers despite cuts in taxes on retail sales.

State-owned Bharat Petroleum Corporation Ltd (BPCL) is likely to incur gross marketing losses in the current fiscal as it is unable to pass cost to consumers, Fitch Ratings said Monday.

The marketing segment, however, should turn profitable from FY24 (April 2023 to March 2024) as crude oil prices fall.


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Article Details

Author / Journalist: Press Trust of India

Category: EconomyFinance

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-09-26 @ 21:22:00 (2 months ago)

News Timezone: GMT +5:00

Ranking: #1405 (out of 3339 stories this day)

News Source URL: business-standard.com

Language: English

Article Length: 402 words

Reading Time: 3 minutes read

Sentences: 13 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 556074

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About Business Standard

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Main Topics: EconomyFinance

Official Website: business-standard.com

Update Frequency: 141 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 1 weeks ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #49

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