Top Indian Refiner Faces Profit Hit From Price Surge
Reliance Industries, the biggest oil refiner in India, is expected to report a drop in profits for its fourth quarter to March, driven by the oil price surge caused by the war in the Middle East. Based on a poll of brokerages, Reuters reported Reliance Industries could book a 3.7% decline in quarterly profits on an annual basis, even though revenues are seen 8.1% higher than a year earlier. “Refiner (including Reliance) earnings should in theory benefit from higher cracks, but high crude premiums and operating costs could be a material, uncertain…