Lower crude prices give some respite to oil marketing companies
- Brent crude prices, which had risen past $120 a barrel in June, have softened to $85 a barrel, a level not seen since before the start of Russia Ukraine war.
NEW DELHI : Crude prices slipping to a 10-month low is likely to give respite to oil marketing sompanies (OMCs) such as Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL), and Indian Oil Corporation Ltd (IOCL), which had seen significant pressure on their marketing margins during the higher crude price environment. The trend, however, is likely to reverse if crude prices stay low.
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