1.1.5 Gross Refining Margin In 2022, Market GRM was Baht 18,072 million or USD 8.04 per barrel increasing by Baht 4,757 million or USD 2.13 per barrel, YoY, mainly owing to rising Diesel and Gasoline spreads. The Gross Refining Margin (Market GRM) in 2022 was Baht 18,072 million or USD 8.04 per barrel increasing by Baht 4,757 million or USD 2.13 per barrel, YoY, mainly owing to rising Diesel and Gasoline spreads. The Company obtained a net inventory loss of Baht 9,058 million or USD 4.03 per barrel comprising of a stock gain of Baht 811 million versus a loss on realized oil hedging of Baht 8,385 million and a Net Realizable Value (NRV) of Baht 1,484 million. Such figures led to the Accounting Gross Refining Margin (Accounting GRM) equaling Baht 9,014 million or USD 4.01 per barrel dropping by Baht 10,586 million or USD 4.68 per barrel, YoY. Net Stock Gain/ (Loss) Accounting GRM Market GRM Net Stock Gain/ (Loss) Accounting GRM Market GRM (Unit: USD/bbl) (Unit: MB) 9,014 (9,058) 19,600 18,072 13,315 4.01 8.69 8.04 (4.03) 5.91 2022 2021 15,916 7,008 Refinery 2,156 6,307 Lube Base Oil 18,072 13,315 Market GRM 2022 2021 7.08 3.11 Refinery 0.96 2.80 Lube Base Oil 8.04 5.91 Market GRM 6,285 2.78 177 Management Discussion and Analysis (MD&A) IRPC PUBLIC COMPANY LIMITED
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