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ICICI Securities Report
For the first time in FY21, consumption of petroleum products was up 2.5% YoY in October 2020; diesel was up 7.4% YoY and petrol up 4.5% YoY.
This meant that despite October refinery utilisation being highest in FY21, auto fuel inventories fell further in October.
Consumption of diesel was down 5% YoY, but on a high base and petrol was up modestly in November 1-15.
Recent oil price rebound has led to auto fuel retail price hikes to keep net marketing margins high; oil price rise will also mean inventory gains in Q3 FY21E.
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