Oil companies to report big losses

New Delhi: State-owned oil marketing companies (OMCs) including Indian Oil, BPCL, and HPCL may see significant erosion in the earnings during the January-March quarter of FY20 even though low crude and product prices jacked up their margins on the sale of petrol and diesel.

According to a research report by ICICI Direct, the unusually high gross refining margins reported by OMCs have already seen a fall in the Q4 period and coupled with inventory losses that the companies would report during the period, would lead to a further drop in GRMs and consequently impact their revenues.