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Q3 hopes of OMCs face LPG risk
Mint Mumbai
|December 11, 2024
EYEING RECOVERY STABLE oil prices and higher Nov demand boosted refining and marketing margins PETROL and diesel average gross marketing margins rose 40% and 54% sequentially in Q3.
State-run oil marketing companies (OMCs) are set for a better December quarter (Q3FY25) after earnings dropped year-on-year in the first half of the fiscal. Amid healthier demand for crude and refined products in November, largely stable oil prices improved refining and marketing margins.
OMCs include Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL), and Indian Oil Corp Ltd (IOCL). Analysts estimate an almost 40% sequential rise in Asia-Pacific benchmark Singapore gross refining margin (GRM) in Q3 at $5 a barrel, against $3.6 a barrel in Q2.
The figure almost tripled to $6 in November from the lows of $2.1 a barrel in September, according to ICICI Securities.
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