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Motilal Oswal Report
Due to global refinery closures, conversion to logistics terminals/bio-fuels, and delays in upcoming capacities due to the Covid-19 outbreak, the global refinery utilisation rate is expected to rise by CY30. Singapore gross refining margin has already risen to $6.1/barrel of oil in H2 FY22 year-to-date.
Oil Marketing Companies have used the cut in excise/value added tax, to raise their marketing margins on auto fuels to Rs 3.5-6.1/litre in H2 FY22 year-to-date despite surge in oil prices.
The sharp underperformance of OMCs since the outbreak of Covid-19 has been due to concerns on marketing margins, amid rising oil prices, uncertainty on throughput/sales and suppressed refining margins. As the world moves away from lockdowns for handling the pandemic, we see sustained gross refining margin of $6.1/bbl in H2 FY22 year-to-date, despite rising Covid-19 cases.
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