New Delhi, Oct. 8 -- Refining margins are likely to remain elevated through FY27 as disruptions to global oil supply chains take time to normalise, Jefferies said, even as crude flows through key Middle East routes have recovered to around 80 per cent of pre-conflict levels.

The brokerage said Singapore gross refining margins averaged USD 15.2 per barrel in FY27 so far, while gasoline, diesel and aviation fuel cracks stood at USD 38, USD 61 and USD 68 per barrel, respectively.

It attributed the strong margins partly to lower Russian refined product exports following attacks on the country's refining infrastructure, which have tightened the middle-distillates market.

"Normalisation of supply chains is likely to take time, likely support...