BPCL privatisation likely to be completed by March 2021

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 Rs 8000 crore from Rs 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 Rs 2,076.17 crore compared with Rs 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 $2.81 a barrel in the same period of the previous year.

Also read: Another blow to China; Indian oil companies discontinue booking Chinese vessels