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Modeled sensitivity
Crude-product spreads and refinery operations are key sensitivities
A modeled exposure signal based on the tracked inputs and drivers; it is not a measure of observed sector health.
editorial · as of 1 Apr 2026
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Refining: margins depend on the crude slate, product demand, and operational reliability.
Gross refining margin is the spread between crude input cost and product slate value. Indian refiners benchmark to Singapore GRM minus a complexity discount.
Modeled sensitivity: Stressed. Check the tracked inputs and drivers below.
Sensitivity drivers
Why it matters
Refining converts crude into a changing mix of transport fuels and other products. Refinery economics depend on crude procurement, product demand, operating reliability, logistics, and the spread between input and output prices; no single benchmark captures every operator or site.
Source
Feedstock costs