May 12, 2012. Essar Oil Ltd. (ESOIL), the operator of India’s second-biggest non-state refinery, posted a loss for the third straight quarter after earnings from turning crude into fuels declined. The loss was 5.15 billion rupees ($96 million) in the three months ended March 31, compared with a 3.2 billion rupee profit a year earlier, the company said. The company increased the capacity and complexity of its refinery, betting the investment will help lift margins because it will be able to process heavier crude that’s typically cheaper than lighter oils. Reliance Industries Ltd., owner of the world’s largest oil-refining complex, reported the sharpest decline in quarterly profit in more than three years after margins narrowed as global economic growth slowed. The company’s refining margin in the quarter was $4.60 a barrel, compared with $5.29 a barrel a year earlier.