Indian Oil companies earning profits with falling crude oil prices – V6 Spot Light
In this July-September period oil marketing companies might record consecutive quarterly profits, For the June quarter, Indian Oil Corporation, India’s largest OMC, had reported a net profit of Rs 2,522.9 crore, against a net loss of Rs 3,093.2 crore in the year-ago period. Brent crude oil prices falling below the $100 – a barrel mark. Oil is critical for India. For one, India imports more than two- thirds of its requirement, which constitutes 37 percent of total imports. A one-dollar fall in the price of oil saves the country about 40 billion rupees. That has a three-fold effect spread across the economy.