Bharat Petroleum Corporation Ltd (BPCL) reported an 82% rise in net profit for the December quarter. While the ongoing attacks on shipping vessels by Houthi militants in the Red Sea have not impacted flow to India. However, the freight has gone up due to rerouting via the Cape of Good Hope. Price reduction of the retail selling prices of our fuel products is speculative as the global situation remains volatile.
Weeks of attacks by Iranian-backed Houthi militants in the Red Sea have disrupted shipping in the Suez Canal, which carries 12% of global container traffic. Prolonged disruption poses a new risk to the European economy, potentially derailing plans by central banks to cut interest rates.