Lower crude oil prices will hurt upstream players

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With every $1 impacting gross retail fuel under-recoveries by Rs 3,600-3,800 crore, India's macro aggregate run-rate has improved markedly since mid-February as Brent crude oil price slid 20 per cent to around $100/barrel. Analysts expect prices to trend higher in the second half of this financial year. Although the government gains from lower subsidies in a falling oil price environment, here is how falling oil prices will impact Indian companies: