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OMCs are good right? Wrong!
Crude oil prices are elevated. How does a traditional downstream oil company react? By hiking fuel prices. OMCs, however, have maintained a defacto freeze on petrol and diesel prices at pumps. Great for drivers, not so great for OMC investors. Thanks to the majority shareholding of these companies by President of India, the government is forcing these companies to put political objectives in front of profits. I have no idea why on earth should an average investor continue to hold OMC stocks3
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