New Delhi1 hour ago
- copy link
Crude oil supply across the world is still affected due to the closure of the Hormuz Route.
Government oil company Indian Oil Corporation (IOCL) has crude oil stock of more than a month. The company said on Tuesday that despite the ongoing tension between America and Iran, there will be no shortage of crude oil in the country.
Although there has been a slight decrease in the stock of LPG due to the closure of the Hormuz Route, its supply is being managed across the country. 50% of India’s energy supply and 90% of LPG supply from Gulf countries is connected to this route, which is currently disrupted.
At the same time, the company’s profit has increased by 81% in the fourth quarter (Q4FY26) of the financial year 2025-26. It increased to ₹15,176.08 crore from ₹8,367.63 crore in the same quarter last year.
Bought gas from Indonesia, Nigeria and Oman
IOCL Director Finance Anuj Jain said, “We have many different sources for the supply of crude oil and other petroleum products. Ever since the conflict in the Middle East started, all our refineries have been working at full capacity.”
He admitted that there were some obstacles in the supply of LPG, but the company has changed the sources of LPG import. After the gas supply from Gulf countries was affected, IOC has started spot procurement (immediate purchase) from countries like Indonesia, Nigeria, Angola and Oman, due to which adequate LPG is being supplied across the country.
Let us tell you that the Hormuz Route is the world’s most important and sensitive maritime waterway located between the Gulf of Oman and the Persian Gulf. About 20% of the total crude oil trade worldwide passes through this narrow route.
Shareholders will get dividend of ₹ 1.25
IOCL released its financial results on Monday. According to this, the consolidated net profit of the company has increased by 81% to ₹ 15,176.08 crore in the fourth quarter (Q4FY26) of the financial year 2025-26. Due to this, the company had made a profit of ₹ 8,367.63 crore in the same quarter of the last financial year.
Along with profits, the company’s board has recommended a final dividend of 12.5% for the financial year 2025-26. Under this, shareholders will be given a dividend of ₹ 1.25 on each equity share with face value of ₹ 10. However, this is yet to be approved by the shareholders in the upcoming Annual General Meeting (AGM).
IOC to spend ₹32,700 crore on expansion of refineries
For the current financial year 2026-27, IOC has prepared a capex (capital expenditure) plan of ₹32,700 crore. In the last financial year 2025-26, this expenditure was ₹31,401 crore. The company is working rapidly on increasing the capacity of its refineries.
- Panipat Refinery: Its capacity is being increased from 15 MMTPA (million metric tons per annum) to 25 MMTPA, which will be completed by December 2026.
- Gujarat Refinery: Its capacity is being increased from 13.7 MMTPA to 18 MMTPA at a cost of ₹19,000 crore.
- Barauni Refinery: Its capacity is also being increased from 6 MMTPA to 9 MMTPA. All these projects will be completed around the December 2026 deadline.
———————
Read this news also…
Petrol and diesel prices increased by 90 paise: 4 days ago they were increased by ₹ 3 each; Petrol crosses ₹100 a liter in 15 states, diesel above ₹90 in 17
Petrol and diesel in the country have become costlier by an average of 90 paise per liter from today, May 19. Earlier, on Friday, May 15, the prices of petrol and diesel were increased by Rs 3 each per liter. That means this is the second increase within five days.
Petrol is being sold above Rs 100 per liter in 15 states and union territories of the country. Whereas in 17 the price of diesel is more than Rs 90 per litre. Read the full news…
Source link
[ad_3]
