New Delhi, March 27 -- New Delhi: Gross refining margins (GRM) of oil marketing companies (OMC) in India are likely to continue to narrow in the ongoing fourth quarter of fiscal year 2025 (FY25) with declining discounts on Russian oil and shrinking crack spreads.

The benchmark Singapore GRMs in the January-March quarter as of February-end stood at $2.7 per barrel, compared with $4 per barrel in the fourth of the previous fiscal, showed data from Icra Ltd. During the third quarter of FY25, the benchmark Singapore GRM was at $5 per barrel.

"Refining margins have been lower due to declining discounts on Russian crude, which currently stand around $2.5-2.8 per barrel, along with the fall in crack spreads for all products, other than naphtha...