Brent, the world s best known benchmark for the raw material that is converted into fuels like petrol and diesel in refineries, is trading at USD 80 per barrel. As per the pricing in the term contracts, ONGC would get USD 80 plus USD 0.8 for the oil it will sell to HPCL and BPCL.
Hindustan Petroleum Corporation Ltd (HPCL) is set to discontinue its practice of purchasing diesel from companies like Reliance Industries Ltd and Nayara Energy once it completes the expansion of its Visakhapatnam refinery in Andhra Pradesh and constructs a new refinery in Rajasthan in the next financial year. This move reflects the company s commitment to boosting its oil refining capacity and ensuring self-reliance in the production of petrol and diesel.
Mangalore Refinery and Petrochemicals Ltd. (MRPL) has said that discounts on Russian oil purchases have decreased from levels observed in the June quarter. Indian refiners have been buying discounted Russian oil, as Western buyers avoided it due to Russia s Ukraine invasion. MRPL s processing of Russian oil aligns with the national average of 35%-40%, and there are no immediate plans to import more Russian oil.
For the quarter ending September 2023, the state-owned petroleum refinery company recorded a decline in revenue from operations to Rs 22,844 crore from Rs 28,453 crore in the previous fiscal.