Mangalore Refinery and Petrochemicals Limited (MRPL) stock price declined nearly 7% intraday to 192.30 rupees, subsequently rebounding to 202.48 rupees, a decline of 2.07%. Although independent refineries like MRPL are expected to benefit from rising crude oil prices (Elara Capital notes that for every $10/barrel increase in crude oil prices, gross refining margin (GRM) could rise by approximately $5/barrel), policy risks such as potential windfall taxes remain. Additionally, state-owned petroleum marketing companies may apply discounts to refinery resale prices, forcing refineries to absorb part of the high crude oil costs.

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