HPCL refining margins may fall by March 2020: Fitch

New Delhi: Fitch Ratings on Monday said it expects Hindustan Petroleum Corp Ltd's (HPCL) refining margins to fall by one-third during the current fiscal due to volatility in crude prices leading to inventory losses.

Fitch affirmed HPCL's rating 'BBB-' with stable outlook, in line with the credit profile of its largest shareholder Oil and Natural Gas Corp Ltd (ONGC).

"The agency assesses HPCL's standalone credit profile at 'bb' to reflect its position as one of India's biggest oil-marketing companies, average-but-improving complexity of its refining assets and moderate financial profile," Fitch said in a statement.