Marketing margins of OMCs to return to normal levels Brent oil (more relevant for Indian downstream companies) prices witnessed a sharp decline from the start of CY20 at US$66/bbl to ~US$30/bbl currently due to spread of Covid-19 across the globe, which substantially lowered its demand. OMCs did not pass on the cost benefit from a fall in oil prices to consumers, which led to very high marketing margins of ~| 16-17/litre from | 2-3/litre in normal scenario. However, the latest excise duty hike will mean that OMCs' marketing margins return to normal levels. With demand for...