Bengaluru: Indian Oil Corp Ltd (IOC) reported nearly 91% slump in quarterly profit on Wednesday, as a plunge in global crude prices took a toll on margins of oil refiners and marketing companies.

Three public sector companies — IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd — were forced to take a price cut in October, hurting their margins as the government wanted to cushion the impact of high crude oil prices on consumers.

Net profit came in at 717 crore ($100.66 million) in the quarter ended December 31, 2018, compared with 7,883 crore a year earlier.

Average gross refining margin declined to $5.83 per barrel in the April-December period from $8.28 per barrel in the year-ago period, the country's top refiner said on Wednesday.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed

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