Michael Burry

India’s state-run oil marketing companies (OMCs) are facing pressure on fuel margins, LPG under-recoveries, and working capital due to high crude prices. Brent crude fell on Friday but is still above $100 a barrel. Indian refiners are particularly affected, with the Indian crude basket averaging $104.09 a barrel in Sept. Among the three OMCs, HPCL is most vulnerable, followed by IOCL and BPCL.