Apart from lower oil prices, the quantum of imports in the two month period has also fallen to 31 million tonne (MT) from 39 MT past year.
State-owned Oil India Ltd (OIL) has reported a net profit of Rs 925.64 crore for the March quarter as opposed to a loss a year ago as lower corporate tax offset a dip in oil and gas prices.
Both increases in USA crude oil production and inventories have spurred fears that the glut of global supply will be hard to eliminate in the second half of 2020 unless demand picks up. Similarly, during January to March period, the average crude oil price realisation was Dollars 52.18 per barrel, which was lower by 15.51% as compared to the crude oil price realisation of US$ 61.76 per barrel the corresponding quarter in 2018-19, the company statement said. Gasoline production last week averaged 8.8 million barrels daily, up from 8.4 million barrels daily a week earlier. It comes after a 20% drop in output that followed the demand destruction for fuel caused by the coronavirus pandemic, after the record highs of 13.1 million bpd set in mid-March. "Oil price have risen this month to over the $40 mark, but could rise more if concerns about the prolonged presence of the virus gets re-established", said an oil sector expert. OIL has adopted the new concessional tax regime introduced for the financial year 2019-20 and effective tax rate under the new regime would be 25.17%.
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Lower volume of crude processing by fuel refiners is also expected to have an impact on the import bill.
OIL said crude oil production dipped 5.7 per cent to 3.134 million tonnes in FY20.
In April and May, the global price of crude increased by more than 50 percent. However, in May a year ago, crude prices were slightly above $ 70 per barrel. However, production in Q4 was 1.48 per cent higher at 0.758 mt, compared to 0.747 mt in Q3 of FY20. In FY19, domestic crude production has dropped to 34.2 mt from 35.7 mt in the previous year.
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State-run Oil India (OIL) has posted an nearly twofold increase in its pre-tax profit in the fourth quarter of FY20 at Rs 267.57 crore, aided by reversal of deferred tax.
Another source at a global trading firm said that the European refineries were already using more light oil from West Africa and the United States instead of Urals.
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