The Indian state-owned oil company IndianOil has released its 2022/2023 results. The company’s net profit was divided by three to INR82.4bn (US$1bn), compared to INR241.8bn (US$2.9bn) in 2021/2022, due lower marketing and petrochemicals margin and higher exchange losses. The gross refining margin (GRM) for FY 2022-23 was US$19.52/bbl as compared to US$/11.25bbl in the previous financial year.
The company sold 95.7 Mt of oil products, including exports, during FY 2022-23 (+11% compared to the previous year). IndianOil’s refining throughput for FY 2022-23 rose by 7% to 72.4 Mt. In addition, 97.4 Mt was transported via the firm’s country wide network in FY 2022-23 (+17%).
In 2021, India produced 34 Mt of crude oil and NGL (-3% compared to 2020) and 254 Mt of refined products (+9%). The country consumed 199 Mt of petroleum products in 2021 (+5%).