New Delhi, Sept. 11 -- Indian oil marketing companies (OMCs) could face mounting pressure on their margins and balance sheets if crude oil prices remain elevated and retail fuel prices are not increased proportionately, according to a report by Equirus Securities.

The brokerage has ranked Hindustan Petroleum Corporation Ltd (HPCL) as the most vulnerable among major OMCs, followed by Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL), in a scenario of sustained high crude prices.

"If crude remains above US$100 per barrel, with restricted retail-price increases, OMCs could face negative petrol and diesel marketing margins, higher LPG under-recoveries, higher crude-landing, freight and insurance costs, working-ca...