NRL lube business leads the way

November 1, 2009

National Refinery Ltd.’s (NRL) fuel business suffered throughout the last Fiscal Year mainly due to huge foreign exchange losses, as local currency depreciated by 23% during the period, and high inventory losses owing to a 39% drop in international crude oil prices. However, NRL’s lube segment served as the saving grace for its bottom line, which would have been in the red otherwise. However, overall average gross refinery margin (GRM) was 60% lower in comparison to last year’s GRM of US$9 per barrel. (August 21, 2009)

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