The revised target price for BPCL is
₹720. For
HPCL, the target is
₹520, and for IOCL, it is
₹205.
Probal Sen, Energy Analyst at ICICI Securities believes the companies will continue to make reasonable marketing margins as long as crude remains below $85 per barrel.
Amrita Sen, Founder & Director-Research, Energy Aspects believes that the crude prices will average in around $80 per barrel in 2024.
The
Organisation of the Petroleum Exporting Countries (OPEC) is very resilient in terms of making sure that the oil market doesn’t go into oversupply, she said, adding that “Average Brent mid-$80 per barrel is our forecast at least. We are not expecting fireworks this year,” she added.
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(Edited by : Shweta Mungre)