GRMs of Reliance will be adversely impacted: Report
The gross refining margins (GRMs) of Reliance Industries Ltd will be adversely impacted by $6-7 per barrel, while ONGC and Oil India could see their earnings for 2022-23 getting affected by 36 per cent and 24 per cent, respectively, by the fussilade of oil levies last week.
According to Morgan Stanley Research, the higher cess on domestic crude production of $40 per barrel on ONGC and Oil India was a negative surprise and should imply downside risks for the sector.
Its analysts reportedly added that export taxes, restrictions and windfall taxes on oil producers are a global trend and it shows the tightening energy market outlook.
