MORGAN STANLEY ON OMCS
India's fuel prices are benchmarked to $75/bbl Brent
Integrated margins for OMCs have increased with stable fuel prices
Rising crude discounts and improving domestic demand should continue to support margins
This would reduce the narrative of fuel price cuts
Prefer HPCL/BPCL
India's fuel prices are benchmarked to $75/bbl Brent
Integrated margins for OMCs have increased with stable fuel prices
Rising crude discounts and improving domestic demand should continue to support margins
This would reduce the narrative of fuel price cuts
Prefer HPCL/BPCL