Oil, Gas Sector Q2 Earnings Preview: GAIL, ONGC, Oil India To Shine; OMCs, Gujarat Gas Down: ICICI Securities
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ICICI Securities Report
Key trends in oil and gas sector in Q2 FY22 were:
Dubai and Brent crude were up 68-71% YoY at $71.4-73/barrel of oil on a low base;
Domestic gas price was down 25% YoY but flat QoQ at $2.0/ metric million British thermal unit (10-year low);
Reuters’ Singapore gross refining margin was at an eight-quarter high of $3.8/bbl;
Auto fuel net marketing margin was up 34% YoY at Rs 3.5/litre; and
Auto fuel consumption was up 13-15% YoY and total products up 9% YoY.
However, diesel and total consumption was down 9-6%, but petrol was up 4% over Q2 FY20 (pre-Covid-19) levels.
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