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Motilal Oswal Report
Bharat Petroleum Corporation Ltd. reported gross refining margin, at $15.3/barrel of oil, came in lower than our estimate, while the implied marketing margin fell 51% YoY and 29% QoQ to Rs 2.9/liter.
BPCL's refining throughput (up 2% QoQ) was in line, while marketing sales volumes (up 18%) were above our estimate.
Singapore GRM has been at a record high of $22.6/bbl in May 2022 from a loss of $1.5/bbl in May 2020 (during the Covid-19 pandemic).
It stood at $2.1/$18.6 per bbl in May-21/April 2022. However, we believe oil marketing companies are staring at losses of Rs 8.8/Rs 12.9 per liter on petrol/diesel at prevailing benchmark price.
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