Key trends in oil & gas sector in Q2FY22 were: 1) Dubai and Brent crude were up 68-71% YoY at US$71.4-73/bbl on a low base; 2) domestic gas price was down 25% YoY but flat QoQ at US$2.0/mmbtu (10-year low); 3) Reuters’ Singapore gross refining margin (GRM) was at an 8-quarter high of US$3.8/bbl; 4) auto fuel net marketing margin was up 34% YoY at Rs3.5/l; and 5) auto fuel consumption was up 13-15% YoY and total products up 9% YoY. However, diesel and total consumption was down 9-6%, but petrol was up 4% over Q2FY20 (pre-covid) levels.