Billionaire Mukesh Ambani-owned Reliance Industries’ (RIL) Q1 earnings, which are to be announced today after market hours, may hinge less on Jio’s steady expansion and more on whether its refining business captured a dramatic upswing in global fuel margins.
Singapore gross refining margins surged to $21.3 a barrel during the quarter from $5.6 a year earlier, according to Jefferies. Diesel, gasoline and aviation-fuel cracks jumped 263%, 152% and 342%, respectively, while blended petrochemical margins expanded 56%.
