We expect 26/33% jump in EBITDA for OIL and ONGC on account of 9.6/9% increase in oil/gas realisation in rupee terms. ONGC's oil sales volume is likely to be up 5.7% QoQ to 6.2mmt while gas sales volume should remain flattish QoQ. OIL's oil sales volumes should be up 3.5% QoQ to 0.804mmt and gas sales volumes to 0.637bcm, +2.7% QoQ. Crude prices: Average Brent price has fallen 7.7% YoY and risen 8.9% QoQ to USD 68.8/bbl in 1Q. But, in the last 40-days (-1.5%) and 15-days (-5.5%) of the quarter, the average crude prices and thus product prices have decreased by ~4% resulting in inventory and adventitious losses for OMCs.