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Motilal Oswal Report
With Brent reaching a record high of $139/barrel of oil in March 2022, oil marketing companies had been making huge losses on auto fuels as the prices were unchanged since early November 2021.
Eventually, OMCs did take 14 price hikes. However, they have again stopped revising the prices resulting in losses of Rs 8.8/12.9 per liter on petrol/diesel at present, respectively.
However, a record high gross refining margin of up $20/bbl in the past few weeks has somewhat pared the profitability risk from the marketing segment.
Supply disruption in Russia and lower export of petroleum products from China have been the genesis of such high GRM.
Gasoline and diesel cracks stood at $25.6/bbl and $37.1/bbl in the past two months versus $11.5/bbl and $9.7/bbl in FY22, respectively.
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