Benchmark Singapore GRMs, have increased from low levels of initial phase of Covid-19 spread and were at US$1.8/bbl in Q4FY21. Singapore GRMs are less relevant now as low grade fuel oil is a significant component of benchmark. For Indian refiners, spreads of gas oil, gasoline and jet fuel are more important. Spreads of all three products saw recovery QoQ during the quarter. The spread for gas oil increased by US$1.1/bbl from US$3.6/bbl to US$4.7/bbl while gasoline product spreads increased by US$3.2/bbl to US$7.2/bbl. Jet fuel spreads saw recovery of US$0.9/bbl to US$3.3/bbl....