Refiners en route to seize most gains from war fallout

Despite the recent correction, crude oil prices still remain roughly 41% higher from pre-war levels.

As a result, prices of petrol and diesel have recorded a sharp climb in India, helping domestic refiners clock significant rise in their gross refining margins (GRM).

This is evident from the Singapore benchmark GRM, which is a gauge of regional refining margins.

Speaking to Business Standard, Nitin Tiwari, Executive Vice-President, YES Securities says Singapore GRMs currently over $20/bbl. Yypical levels have been $6-7/bbl on average. He says, rise in Singapore benchmark benefitting refiners and OMCs.