Indian OMCs' Gross Refining Margins Fall Short, Reaching Below 25% of Govt Forecast

India's state-owned Oil Marketing Companies (OMCs) have posted gross refining margins (GRMs) that are less than 25% of the government's forecast for the period. The lower-than-expected margins reflect pressure from volatile crude prices and changing market conditions. The performance could impact the profitability and capital expenditure plans of the firms.