London-listed Essar Energy today said its gross refining margins (GRMs) had risen 49 per cent to $6.75 a barrel for the September quarter. Driven, it said, by a general improvement in market conditions, supported by the positive effect of Cairn’s crude oil from Rajasthan fields on its crude costs.

Deregulation of petrol prices in India has also had a positive effect, as its retail sales volumes are up by 58 per cent over the June quarter. This has increased its retail sales by 40 per cent to $167 million, as compared to $119 mn. The company has 1,376 operational retail outlets and said that since it expects complete deregulation of diesel prices, it would expand these to 1,700 by March 2011.

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