Indian oil refineries are expected to see lower profits in the next financial year due to falling petroleum prices, oversupply in the region, and reduced gains from crude oil price changes, says Fitch Ratings. Despite this, oil marketing companies (OMCs) are likely to maintain good profits from fuel sales. This is because of lower Brent crude oil prices and an expected 3-4% rise in India’s demand for petroleum products in the 2024-25 financial year (FY25).
