Indian refining giant Reliance Industries has shelved plans for repair operations at the world’s biggest oil refining complex as the company is striving to churn out more oil products since the margins on them have recently surged to three-year highs, Bloomberg reports.
The company has been purchasing discounted cargoes of oil from Russia after European buyers opted to shy away from Russian crude, sending margins on products such as diesel and naphtha soaring.
In January-March, the margin on diesel fuel reportedly soared 71% compared to the previous quarter, while those on gasoline were up 17% and naphtha prices rose 18.5%.
Reliance’s refinery complex can process nearly 1.4 million barrels a day of almost all varieties of crude. The firm is reportedly known for its agility in oil trading, which helps it benefit from price swings.