BENGALURU, Nov 6 Reuters India39;s Hindustan Petroleum Corp Ltd HPCL on Monday reported a higherthanexpected quarterly profit, as a ballooning marketing margin helped offset rising crude oil prices.

The stateowned refiner reported a net profit of 51.18 billion rupees 614.95 million for the second quarter, compared with a loss of 21.72 billion rupees a year ago.

Analysts on average had expected a profit of 24.44 billion rupees, according to LSEG data.

Global crude oil prices rose about 30 in the September quarter as production cuts by Organization Of Petroleum Exporting Countries OPEC squeezed global crude supply .

Indian fuel retailers have not raised pump prices for months to insulate consumers from global crude price fluctuations.

HPCL39;s sale of products fell 10.5 to 1.02 trillion rupees, much like for peers Indian Oil Corp and Bharat Petroleum Corp.

HPCL39;s input costs rose nearly 3. However, its overall expenses plunged 18 at 962.21 billion rupees.

The company39;s domestic sales volume rose 3 to 10.08 million metric tonnes MMT, while its marketing arm registered 3.4 growth in quarterly sales to 10.74 MMT.

Average gross refining margin the profit from making refined products from one barrel of oil was 10.49 per barrel in the six months to September, compared with 12.62 per barrel a year ago.

Last month, other stateowned refiners Indian Oil and Bharat Petroleum also reported quarterly profits on higher marketing margins.

Shares of HPCL settled 1.8 higher…