policy overhang about subsidy sharing among oil companies given high marketing losses. Also, ~240mbbls crude oil release from strategic reserves of US and other countries have softened crude prices. Fuel price hikes along with softening crude prices will ease concerns of marketing losses. However, we expect prices to remain stable at current levels due to ongoing geopolitical tensions. We prefer upstream companies as they will continue to benefit from high crude oil and gas prices. For OMCs marketing margins will...