Jammu, April 30 -- Inventory Losses and Declining Fuel Prices Dent Indian Oil's Quarterly Profits

One of India's largest oil refining and fuel marketing companies, Indian Oil Corporation (IOC), saw its quarterly profits decline significantly due to inventory losses and lower fuel prices. According to the financial results announced on Tuesday, IOC's net profit for the January-March quarter fell by 52% compared to the same period last year.

While India remains highly dependent on oil imports to meet its energy demands, IOC and its subsidiary Chennai Petroleum controls over a third of the country's oil refining capacity. In recent months, disruptions to global crude supply and fluctuating prices have eaten into the margins of domestic ref...