There is a slow erosion of refining margins for Indian oil companies with the rupee appreciating by around 1.8 per cent (Rs 0.75) since May 2002.
The refining margins are expected to drop by an average of Rs 3.6 crore annually for a standard six million tonne per annum refinery, having an average refining margin of $2.8 per barrel.
Experts in the oil industry claim that
