Indian refiner BPCL sees further cuts in oil OSPs as fuel margins drop

Bharat Petroleum Corp, India's third-largest refiner, anticipates Middle Eastern crude producers to reduce official selling prices due to declining fuel margins. Global refiners face lower profitability with decreased fuel cracks. BPCL's net profit for the quarter ending June 30 dropped 71% year-on-year. The company processes 700,000 barrels per day and sells 52.5 million metric tons of refined fuel annually.