The petroleum industry is a major contributor to the revenue of the Indian economy and serves as the backbone of both manufacturing and service industries. The Indian petroleum industry consists of both public and private sector firms conducting active business. Public sector players like IOCL, BPCL, and HPCL dominate the industry. Hence, an inquiry into their financial performance in terms of sales, expenses, profits, and cash flows becomes relevant at this juncture. This article attempts to analyse the performance of the aforementioned firms using appropriate statistical tools and arrive at conclusions.