Gulf Oil's raw materials cost (base oil prices) is highly dependent on the movement of crude oil prices. While the rupee has weakened, crude oil prices have fallen sharply compared to Q3CY20, which led to a drop in base oil costs YoY. However, realisation was down | 2/litre to | 146/litre. As a result, gross margins registered a fall of | 4.4/litre YoY to | 70.1/litre. Subsequently, EBITDA was down 7.1% YoY to | 25.3/litre. GOL has hiked prices across segments on account of increase in crude oil prices over past few months. The competition has also increased prices which gives visibility...