Strength in middle distillate spreads is driving strong refining profitability for OMCs. - The Singapore benchmark does not reflect the current margins of diesel-heavy refiners, benefiting Indian players. - India’s diversified crude sourcing helps limit the impact of geopolitical risks on OMC operations. - UBS prefers Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) over Hindustan Petroleum Corporation Ltd (HPCL).