Domestic oil marketing companies (OMCs) surprised positively with the refining performance posted during the January-March quarter. The Benchmark Singapore GRMs (Gross refining Margins) had improved to $8.2 a barrel from $6.3 a barrel during Q3 FY23.
The reported refining margins for oil marketing companies are expected to have got a further boost from rising contributions of lower priced Russian oil, said analysts. Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd’s (PCL) GRMs ranging at $14.1-20.6 a barrel was better than expectations.
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