Lower crude prices could lift IOC, BPCL and HPCL EBITDA by over ₹20,000 crore each, ICICI Securities says

ICICI Securities analysts said crude oil prices have fallen more than 15% over the past six sessions, driven mainly by progress on a geopolitical agreement. The move, benchmarked to Brent, could lift annual EBITDA by more than ₹20,000 crore for each of India’s three major oil marketing companies—IOC, BPCL and HPCL. The brokerage also said a sustained drop in crude would significantly narrow losses tied to LPG subsidies.