ICICI Securities: Auto Fuel Marketing Margins May Remain High To Make Up For Weak Gross Refining Margin
A droplet of petroleum drops from a fuel nozzle at a fuel pump. (Photographer: Andrey Rudakov/Bloomberg)

ICICI Securities: Auto Fuel Marketing Margins May Remain High To Make Up For Weak Gross Refining Margin

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.

ICICI Securities Report

In September 2020, consumption of petroleum products was down just 4% YoY (19% in H1 FY21), diesel down 6% YoY (down 25% YoY in H1), while petrol was up 3% YoY (down 21% in H1).

In October 2020, petrol consumption was up yet again at 4.2% YoY, even diesel was up 6.6% YoY.

Auto fuel net marketing margins continue to be strong and appear on track to exceed our FY21 estimate of Rs 3.3/litre.

Click on the attachment to read the full report:

ICICI Securities OMCs FY21 trends tracker Nov20.pdf

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