Marketing margins for MS (petrol) and HSD (diesel) remain healthy due to lower crude prices, but Singapore gross refining margins (GRMs) are subdued and expected to stay in the $3.5-4.5/bbl range in FY2026.  POL (petroleum, oil, and lubricants) consumption in India is projected to grow by 2-3% YoY in FY2026, driven by economic growth, increased mobility, and air travel. Petrol demand is expected to rise by 6-7%, diesel by 1–2%, and aviation turbine fuel (ATF) by 7-8%. Domestic demand for petroleum products is projected to grow steadily, with refinery throughput and capacity utilisation expected to remain healthy.

Exhibit: Brent crude price trend ($/bbl)