Q4 likely better for refiners, oil marketers on softer crude
Financial Express Mumbai|April 10, 2023
UPSTREAM SALES VOLUMES DIP
MANISH GUPTA
Q4 likely better for refiners, oil marketers on softer crude

THE FOURTH QUARTER of FY23 likely marked a turnaround in the earnings of downstream oil and gas companies. State-run oil marketing companies (OMCs) likely made high "over-recoveries" on transport fuels with no retail price cut despite a moderation in crude oil prices and diesel cracks. In addition, their refining margins too remained resilient.

However, weaker sales volumes impacted margins of upstream companies' margins in Q4, leading to a marginal sequential decline in their EBITDA.

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