 "Interim Budget 2019: FM has cheap crude oil to thank for his fiscal record")
Stocks of oil marketing companies (OMC), which had rebounded from their February lows, have corrected up to 11.5 per cent in April. A key concern for the Street is the pressure on marketing margins of HPCL, BPCL and IOC in the election season amid rising crude oil prices. There could be some pressure on their stocks if OMCs don’t hike retail prices commensurate with the rise in crude prices.
The pressure on marketing margins add to already existing concerns over gross refining margins (GRMs) that have remained weak for these companies with weakness in benchmark Singapore GRMs. The benchmark was
