In the September quarter, oil marketing companies (OMCs) had benefited from the spike in gross refining margins (GRMs), as well as marketing margins, and inventory gains. In the current quarter, however, they are finding more challenges. The benchmark Singapore GRMs had surged to a 10-quarter high in the September quarter, the second one (Q2) of this financial year.
This was on the back of supply disruptions caused by Cyclone Harvey in the US. At $8.3 a barrel, the GRMs were up 29 per cent sequentially and 61 per cent over a year. However, by mid-November Read More…
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