(MENAFN) India's state-run refiners logged large losses on inventory for the third-quarter period, hit by the rapid decline in global oil prices, although some were helped by government payments, Arab News reported.
Indian Oil Corp Ltd., the country's largest refiner, was hit hardest and reported a net loss of USD425 million in the three months to Dec. 31, against a loss of USD154.6 million a year earlier.
Its loss on inventory, referring to the price impact in the time it takes to process crude and market the refined product, was USD2.07 billion compared with a gain of USD105 million a year earlier.
"We have managed to post profit because of timely release of subsidy, operational efficiencies and optimization of cost despite high inventory losses," head of refineries at BPCL said.
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