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