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Prabhudas Lilladher Report
Crude oil prices have increased sharply to ~$90/barrel of oil, due to healthy demand recovery coupled with geo political tension. With onset of state elections in key Indian states next month, we believe oil marketing companies marketing margins may come off from current Rs 4.5/3.0 litre levels for diesel and petrol.
This will likely impact OMCs stock performance, despite healthy refining margins which have improved from pick-up in economic activity and gas to oil switch.
We leave our earnings and recommendation unchanged but prefer upstream companies as they benefit from higher crude oil and gas realisation.
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