Crude oil prices sharply increased during the quarter on expectations of a global demand recovery. Average crude oil prices increased by US$16.1/bbl to US$60.7/bbl while Brent crude oil prices on a closing basis jumped US$11.2/bbl QoQ to US$62.4/bbl. BPCL reported marketing inventory gain of | 1829 crore. However, core marketing margins reduced QoQ as higher crude oil costs were not fully passed on to customers. In terms of marketing sales, BPCL reported growth of 4.1% YoY to 11.2 MMT, marginally above our estimates. Going forward, we expect marketing sales volume at 42.7...