Average crude oil prices in Q3FY20 remained flattish compared to Q2FY20. On account of stable costs as well as product prices, the core marketing margins remained steady during the quarter. The marketing segment did not report any inventory gains during the quarter. We expect marketing margins to be stable, going forward, as crude prices have declined in the current quarter (Q4FY20-TD). In terms of marketing sales, IOC reported marginal growth of 1.5% YoY to 21.9 MMT (marginally lower than our estimate) on account of lower-than-expected diesel sales. Going forward, we expect...