Expect growth trend to continue; crude oil to range in $62-68/bbl mark: HPCL

Oil marketing companies (OMCs) are in focus as spot crude prices have corrected from the peak. Retail fuel prices have also witnessed a correction.

MK Surana, CMD, Hindustan Petroleum Corporation Ltd (HPCL) said usually during this season the Asian refineries shut down and so there is less demand for crude and on the other hand there is an increase in crude oil production in the US.

When asked if there will be any impact on the margins of OMCs, he said they are at a level where they will be able to recover the costs incurred.

According to Surana, it is unlikely that crude prices will again go above USD 70 per barrel levels and would remain between USD 62-68/bbl range because in near-term crude prices are expected to soften due to balance in demand and supply.

The growth trend for the company will continue at same pace through the year, said Surana.

For full interview, watch accompanying video...