business

August 5, 2022

Refineries’ gross margin down 83pc in August

KARACHI: Gross margins of local refineries recorded the sharpest decline of 83 percent to $4 per barrel compared to $24 per barrel in July 2022, indicating poor profitability of the domestic sector on account of price hikes and surging inflation.Farhman Mahmood, head of research at Sherman Securities said, “The global crude and product markets are showing a divergent trend as crude oil prices registered lower decline compared to product prices.”He pointed out that where geo-political...