1.1.6 Gross Refining Margin Net Stock Gain/(Loss) Accounting GRM Market GRM Net Stock Gain/ (Loss) Accounting GRM Market GRM (Unit: USD/bbl) (Unit: MB) 19,600 5,715 6,285 251 13,315 5,464 8.69 2.58 0.11 5.91 2.78 2.47 2021 2020* 7,008 1,963 Refinery 6,307 3,501 Lube Base Oil 13,315 5,464 Market GRM 2021 2020* 3.11 0.89 Refinery 2.80 1.58 Lube Base Oil 5.91 2.47 Market GRM Note: *Reclassified GRM and Net Stock Gain/ (Loss) In 2021, Market GRMwas Baht 13,315 million or USD 5.91 per barrel escalating by Baht 7,851 million or USD 3.44 per barrel, YoY, as most petroleum products spreads improved. The Gross Refining Margin (Market GRM) in 2021 was Baht 13,315 million or USD 5.91 per barrel escalating by Baht 7,851 million or USD 3.44 per barrel, YoY. This was mainly because most petroleum products spreads improved, especially the spreads of Gasoline and Lube Base Oil. The Company obtained a net stock gain of Baht 6,285 million or USD 2.78 per barrel comprising of a stock gain of Baht 8,243 million versus a loss on Lower of cost or market (LCM) of Baht 4 million and a realized oil hedging loss of Baht 1,954 million. Such figures led to the Accounting Gross Refining Margin (Accounting GRM) equaling to Baht 19,600 million or USD 8.69 per barrel increasing by Baht 13,885 million or USD 6.11 per barrel, YoY. 1.2 Petrochemical business unit 1.2.1 Petrochemical Market Overview Petrochemical market situation in 2021: The overall demand for petrochemical products in 2021 increased from that in the previous year being in accordance with a global economic growth of 5.5% that was supported by the improved COVID-19 pandemic situations over a year. Such pandemic prompted consumers to work from home and become more concerned about their health resulting in greatly rising petrochemical products demand for food packaging as well as hygiene and medical related equipment. In addition, large-scale economic stimulus 168 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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