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OMCs to absorb crude oil shocks
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JM Financial, OMCs’ earnings in the July-September quarter are expected to moderate from the record high of the April-June period due to the sharp impact on marketing segment earnings on account of higher international crude prices. However, the second-quarter results are still expected to be robust, aided by strong gross refinery margins and significant inventory gains.
“OMCs’ weighted average auto-fuel gross marketing margin has moderated to ₹3.3/litre in 2QFY24 from the record high of ₹8.8/litre in 1QFY24," the report added. Spokespeople for state-run OMCs Indian Oil Corp.
Ltd, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp.
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