2:24 AM
McGhori
KARACHI: Prices of Arab light crude have remained strong in January 2012 compared with those in December 2011, but the middle distillate prices (with the exception of naptha) declined in the range of 4 to 5 per cent, reducing the middle distillate crack spreads.
According to Topline Securities analyst, Nauman Khan, such a price trend was estimated to reduce domestic gross refinery margins (GRMs) by 7 per cent in January to $1.6 per barrel as against $1.7 per barrel the previous month.
Pakistan Refinery Limited managing director Aftab Hussain, when asked to comment, said that the GRMs had remained depressed internationally. Yet the effect in our country would come later due to the impact of exchange rate (exchange loss) and turnover...
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