Executive briefing

Sanjaya · Tuesday, 28 April 2026

Five numbers

Brent$108.95 / bbldelayed futures
WTI$96.52 / bbldelayed futures
USD / INR94.20delayed FX
Delhi petrol₹ 94.77 / Lretail reference
Delhi diesel₹ 87.67 / Lretail reference

Three talking points

  • Brent 113.25 / WTI 99.27 (spread 13.98, wide). Brent down +2.90% on the week. USD/INR 94.25 — every ₹1 move in INR shifts ~0.7 /bbl in INR-denominated landed crude.
  • US crude built 1.9 Mbbl last week — bearish near-term for WTI; Brent follows with a lag of 1-3 sessions. Total US stocks now 466 Mbbl (ex-SPR).
  • Official monthly petroleum print for 2026-02: crude processed 21.9 MMT, POL output 22.5 MMT, crude imports 19.4 MMT.

One risk to watch

Supply-route geopolitics: Shipping and supply-route risk is the top oil and gas watch. Impact read: current coverage is scoring on supply route, geopolitics, price tape. Top source: Hormuz Disruptions Drive Crude Higher as U.S.-Iran Diplomacy Stalls. Watch the effect on landed crude cost, freight, LNG cargo timing, and Indian pump-price absorption.

Official monthly petroleum print · 2026-02

  • Indigenous crude2.1 MMT
  • Crude processed21.9 MMT
  • POL production22.5 MMT
  • Crude imports19.4 MMT

Region split: middle east 48.3% · eurasia 33.5% · north america 6.9% · africa 6.6% · south america 4.4% · asia 0.3%

Handover pack

Infra browserPhysical exposure, chokepoints, strategic assetsGovernment ordersPolicy and regulatory developmentsLeadership changesLeadership and appointmentsPump-price waterfallComposition by rupee, layer by layer

OMC quarterly fundamentals

PeriodRevenueNet marginProfit after tax
  • IOC₹2,05,157 Cr6.34%₹13,007 Cr
  • BPCL₹1,19,029 Cr6.04%₹7,188 Cr
  • HPCL₹1,14,623 Cr3.50%₹4,011 Cr
  • ONGC₹1,67,423 Cr5.98%₹10,016 Cr
  • OIL₹8,330 Cr14.35%₹1,195 Cr
  • GAIL₹35,173 Cr4.99%₹1,756 Cr
  • RELIANCE₹2,64,905 Cr7.04%₹18,645 Cr

Quarter ending shown per ticker. Q-end dates may differ.

Recent moves

  • 15 Feb 2026Hormuz tensions drive crude to USD 100+
  • 15 Mar 2024First OMC-led price cut in 22 months
  • 1 Jul 2022Windfall tax on crude producers