IOC Q2 Profit Jumps 184% on Higher Refining Margins
Indian Oil Corporation's profit in the second quarter rose 184 percent, helped by higher refining margins. Its gross refining margin, after adjusting for special additional excise duty, was $18.52 per barrel. Refining margin is the gap between the price of crude oil and the price of the fuel it becomes.
Context
Context: Indian Oil is India's largest state-run fuel refiner and retailer. Its margins rise and fall with global crude and fuel prices, which have been volatile amid recent tensions around the Strait of Hormuz.
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