S&P Global Ratings on Wednesday said profit margins of oil marketing companies like IOC, BPCL and HPCL, could suffer as they are likely to keep retail prices of petrol and diesel unchanged to curb inflationary pressures.
Oil prices have risen since the start of the U.S.-Iran war with crude rising to over $100 per barrel earlier this week as the Strait of Hormuz, which handles about a fifth of the global crude oil and liquified natural gas (LNG) flows, remained effectively closed. Crude prices have fallen to $88 a barrel on Wednesday.
S&P Global Ratings have recently revised its 2026 average price assumption for Brent crude oil prices by $5 to $65.
The U.S.-based rating agency said…