However, the refining margins may improve going forward, Investment bank Jefferies, in a note on Bharat Petroleum Corporation (BPCL), said that recent weakness in the refining margins seems transitory as Russian diesel exports were unexpectedly elevated despite the EU ban.
"However, with signs of Chinese demand recovering, diesel inventories in US and Asia at multi-year lows and US gasoline demand expected to rise into peak summer driving season, refining margins should strengthen from here," it said.
The three oil refiner-cum-fuel retailers made above-normal margins of about 10 per litre on both diesel and petrol in order to recoup losses incurred due to the retail price freeze in the first half of FY23.
This story is from the May 24, 2023 edition of Financial Express Mumbai.
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This story is from the May 24, 2023 edition of Financial Express Mumbai.
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