Big boost for Indian refiners as Singapore GRMs surge. (Photo source: Unsplash) Show Quick Read Summary is AI Generated. Newsroom Reviewed

It has been a frantic week for Singapore's gross refining margins, which have jumped 2,000%, climbing from $0.41 to $8.6 in a matter of just 10 days, which could serve as a major earnings boost for major Indian refiners.

The current GRM of $8.61 is almost double that of the second-quarter average of $4.10 per barrel, with the sharp increase being accentuated by many factors, including global supply constraints.

Other potential factors for the rising margins include sanctions on Russia that are impacting the availability of final products and Ukrainian strikes that have hit Russian product exports.

In addition, there are several planned capacity

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