i agree with most of that, other than the first conclusion, locking in selling price without locking in cost does not secure profitability, if oil were to shoot higher, we would lose profitability as all inputs would rise which in turn eventually leads to wage increase demands too .. this seems to be now starting to unfold globally with more and more strikes for sizeable nominal wage increases.. the second wave of inflation has begun
Ann: September 2023 Quarterly Activities Report, page-34
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