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ICICI Securities Report
Key trends in the oil and gas sector in Q1 FY21 were:
1. Dubai and Brent crude were down 30-31% YoY but up 33-36% at 42.4-42.7/barrel of oil U.S. dollar;
2. domestic gas price was at its 10-year low of 2.7/ metric million British thermal unit U.S. dollar;
3. Reuters' Singapore gross refining margin recovered to 0.06/barrel of oil U.S. dollar from at least a 73-quarter low in Q1;
4. auto fuel net marketing margin was up 24% YoY at Rs 2.6/litre; and
5. auto fuel consumption was down 16% YoY and total product consumption down 12-16% YoY in July-August 2020 (for September 2020, press reports suggest petrol consumption was up 2% YoY and diesel down just 7% YoY).
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