Marketing margins for MS (petrol) and HSD (diesel) remain healthy due to lower crude prices. Gross refining margins (GRMs) improved in line with improvement in product cracks for major products like MS, HSD and aviation turbine fuel (ATF).

• The petroleum, oil, and lubricants (POL) consumption in India is projected to grow by 1–2% YoY in FY2026, driven by economic growth, and increased mobility.
  
• Russian crude comprised a major share of India’s crude basket in FY2025. In H1 FY2026, its share declined as discounts offered reduced.