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Crude shock squeezes Reliance O2C margins as war risk drives higher premiums and costs
Economy
Published on 24 April 2026
A rise in crude premiums cut EBITDA despite strong refining
Reliance Industries’ Oil-to-Chemicals segment saw margin pressure in the March quarter as crude premiums jumped amid West Asia supply disruptions tied to Iran-war risks. Higher freight and insurance added to costs, offsetting otherwise strong global refining margins. O2C EBITDA fell 3.7% year-on-year, reflecting fuel-cost strain and policy interventions.
- O2C margins were pressured by higher crude premiums
- Freight and insurance costs rose with war-linked disruptions
- O2C EBITDA declined 3.7% year-on-year in the March quarter
- Global refining margins stayed strong but didn’t offset higher costs
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times