Profit of refineries on the decline

Profit of refineries has seen decline up to 20-22 percent during the first three months of current fiscal year. According to a report, industry margin remained 3-3.5 dollars per barrel in these months. Last year, the margin had reached from 50 cents to 1 dollar. Production cost and difference in crude oil price caused decline in the profits of the refineries. According to analysts, profits of refineries might be enhanced but the profits are mainly affected by circular debts.