With crude prices rising amid the Ukraine-Russia war, CNBC-TV18’s Manisha Gupta spoke with Prashant Vashisht, VP and Co-head of corporate ratings at ICRA. He talked about the recent price hikes by oil marketing companies and how many more does he expect going forward.

Vashisht said, “OMCs have chosen to increase prices in small increments, so there will be some prolonged losses for OMCs. But we believe that over the course of April and sometime during May the prices should reset to the market levels.”

He added, “Currently, if we look at the prices, the OMCs seem to be losing about Rs 10 to 20 per litre on auto fuels. But if we factor in the higher prices, say at about $115, the price hike could be as much as from Rs 18 to the per litre for auto fuels.”

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He said that Russian crude price is only marginally lower than other varieties and India's dependence on Russian crude historically has been lower.

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