BPCL privatisation expected to be completed by March

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PSU oil marketing major BPCL expects privatisation to take place by March 2021, Reuters reported, citing a company executive. The executive said that FY21 capex target has been reduced to ₹8000 crore from ₹12500 crore earlier. The executive said that sales in August so far is now 90% of year ago level so far August. BPCL plans to add more than 1000 fuel stations in FY21.

 

Privatisation-bound Bharat Petroleum Corp Ltd (BPCL) on Thursday reported nearly doubling of net profit in the June quarter after inventory gains offset a decline in refining margins and fuel sales. Standalone net profit in April-June stood at ₹2,076.17 crore compared with ₹1,075.12 crore a year back, the company said in a regulatory filing. The company earned USD 0.39 on turning every barrel of crude oil into fuel as compared to a gross refining margin (GRM) of USD 2.81 a barrel in the same period of the previous year. BPCL plans to add more than 1000 fuel stations in FY21. Standalone net profit in April-June stood at ₹2,076.17 crore compared with ₹1,075.12 crore a year back.

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