01
May
Indian Oil Corporation (IOC) on Tuesday reported a 52 percent decline in fourth quarter profit as the company sold fuel below market prices due to inventory losses. While India is the world's third-largest oil importer and consumer, Indian Oil controls about a third of India's five million barrel-per-day refining capacity with its unit Chennai Petroleum. However, India has been buying increasingly cheaper Russian oil as discounts have fallen from $30 a barrel in 2022 to less than $10 this year, while refiners also cut fuel prices at the pumps ahead of this year's general elections. IOC reported a 52% decline…