印度石油公司首季轉虧錄₹2,661 crore淨虧損，煉油毛利倒退抵銷燃料銷量上升

Indian Oil's swing to a larger-than-expected quarterly loss highlights severe compression in global refining margins, with EBITDA margin collapsing from 10% to 1% despite higher fuel sales. The result reinforces pressure across refinery-heavy business models and signals weaker downstream profitability, partially cushioned by LPG compensation. Governance concerns (nonfunctional audit committee) add risk, potentially weighing on energy-sector sentiment and refining-linked pricing dynamics.