BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Due to global refinery closures, conversion to logistics terminals/bio-fuels, and delays in upcoming capacities due to the Covid-19 outbreak, the global refinery utilisation rate is expected to rise by CY30. Singapore gross refining margin has already risen to $6.1/barrel of oil in H2 FY22 year-to-date.
Oil Marketing Companies have used the cut in excise/ added tax, to raise their marketing margins on auto fuels to Rs 3.5-6.1/litre in H2 FY22 year-to-date despite surge in oil prices.
The sharp underperformance of OMCs since the outbreak of Covid-19 has been due to concerns on marketing margins, amid rising oil prices, uncertainty on throughput/sales and suppressed refining margins. As the world moves away from lockdowns for handling the pandemic, we see sustained gross refining margin of $6.1/bbl in H2 FY22 year-to-date, despite rising Covid-19 cases.
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