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Why fall in crude is not positive for oil refiners this time

Updated : March 20, 2020 08:57 AM IST

Demand disruptions due to COVID-19 have not only led to a fall in crude oil prices but also demand for products ultimately impacting margins.
Singapore GRMs (the benchmark GRMs) has turned negative in just the last 5 days
Singapore GRMs as on March 16 was at -$2.48/bbl which is a sharp decline in last 5 days from $5.7/bbl on March 10.
Why fall in crude is not positive for oil refiners this time

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