The surge in global oil prices has added to the woes of oil marketing companies like IOCL, BPCL and HPCL in terms of rising under-recoveries per unit of fuel sold. However, with refinery capacity damaged in the Middle East and Russia, it has led to the regional benchmark, Singapore GRMs (gross refining margin) reaching a record average of $20.5 per barrel right up to late in the quarter. Pure-play refiners are expected to benefit the most since they do not sell retail products at a loss. Is it still worth buying pure-play PSU oil refiners?