From its recent peak of USD85/bbl, the crude oil price has corrected by ~17%. Domestic PV industry - and also Maruti Suzuki(MSIL) - is highly influenced by the crude cycle, not just in terms of demand but also profitability. This was the first inflationary period under the fuel price deregulation era, which resulted in near real-time transmission of higher crude prices (up 62% from lows of Jun-17) to fuel prices (price of petrol up by 25%and of diesel by 38%), denting auto consumer sentiment