A sharp reduction in oil demand owing to Covid-19 outbreak resulted in a significant drop in crude oil prices. As a result, average Brent crude oil prices declined by US$12/bbl QoQ to US$50.6/bbl with closing Brent price at US$21.5/bbl. On account of the same, the company reported marketing inventory loss of | 1937 crore. However, core marketing margins were steady during the quarter. In terms of marketing sales, BPCL reported degrowth of 5.5% YoY (mainly due to diesel sales decline) to 10.7 MMT, above our estimates. Going forward, we expect marketing sales volume to improve at 5.1% CAGR in the next two years. Crude throughput in Q4FY20 was up...