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Motilal Oswal Report
Singapore gross refining margin witnessed a downward spiral to 3.2/barrel of oil U.S. dollar in FY20 from 4.9/bbl U.S. dollar in FY19 (7.2/bbl U.S. dollar in FY18).
The margin plummeted further to loss of 0.1/bbl U.S. dollar in FY21 year-to-date.
Decline in FY20 was primarily led by massive refining capacity additions to meet incremental diesel demand on account of IMO 2020.
Furthermore, the margin worsened in FY21 year-to-date due to Covid-19-led demand destruction. However, the deregulation of auto fuel prices has come as a boon.
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