 "Oil imports, Crude oil")
The medium-term scenario for oil marketing companies (OMCs) is high risk due to the surging crude and gas prices.
Apart from OPEC-plus cutting production, the Hamas-Israel conflict has caused fears of supply disruption.
The July-September quarter of 2023-24 (Q2FY24) saw positive surprises for OMCs. Strong gross refining margins (GRMs) more than offset weak marketing margins.
Most commodity traders are betting energy prices will remain high.
While OMCs have availed Russian crude at discounts the price differential between benchmark Brent and Russian has narrowed. Elections makes it unlikely the OMCs will be able to fully pass on hikes in raw material
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