Gross Refining Margins Of Indian Refiners To Moderate In Range Of $6-$8/bbl In FY25: CareEdge Ratings

After recording an exceptionally high GRM in FY23 at an average of USD 16-USD 18 / bbl, the GRM of Indian Refiners moderated to an average of USD 10 - USD 12/bbl in FY24 which was largely in line with CareEdge Ratings expectations