I also came upon this in some of my screeners. But it seems that the fortunes have recently improved due to russia-ukraine oil crisis. The following article may be of help:
https://www.valueresearchonline.com/stories/54039/why-oil-refineries-are-suddenly-flying-high/
PS. Not invested
PPS: my first post on valuepikr - where I’ve mostly been a lurker
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