Oil And Gas Sector Update - Marketing Margins Recover But GRMs Weaken: ICICI Securities
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ICICI Securities Report
Auto fuel net marketing margin is up to Rs 2.98/litre on June 21, 2021 but Q1 FY22-to date net margin is at Rs 1.2/litre versus our FY22 estimate of Rs 2.5/ litre.
Net margin at latest prices is Rs 2.18/litre and further hike of Rs 0.85/litre is needed to boost FY22E net margin to Rs 2.5/litre.
Auto fuel sales volumes are up 31-20% YoY but net marketing margin is down 80% YoY in Q1 FY22-to date.
Reuters’ Singapore gross refining margin in June 2021-to-date is at a six-month low of $1.34/barrel of oil and is down 50% from April 2021 peak of $2.69/barrel of oil hit by fall in all cracks except diesel and jet fuel.
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