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Business News/ Market / Mark-to-market/  December quarter GRMs lower on y-o-y, sequential basis
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December quarter GRMs lower on y-o-y, sequential basis

Refining overcapacity and sluggish demand has led to range-bound margins

Singapore gross refining margin (GRMs), a measure of profitability, remained particularly weak during October and November, and then recovered considerably in December.Premium
Singapore gross refining margin (GRMs), a measure of profitability, remained particularly weak during October and November, and then recovered considerably in December.

The operating environment for the refining sector remained muted during the December quarter. Refining overcapacity and sluggish demand has led to range-bound margins. Singapore gross refining margin (GRMs), a measure of profitability, remained particularly weak during October and November, and then recovered considerably in December. GRMs improved in December mainly on account of improvement in non-auto fuel cracks.

Still, Singapore GRMs for the quarter ended December declined by 20.4% compared with the September quarter and 33.8% compared with the year-ago quarter. Motilal Oswal maintains that the medium-term GRM outlook continues to remain subdued, as well as volatile, due to occasional bunching up of shutdowns.

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Published: 13 Jan 2014, 09:59 PM IST
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