Fitch Ratings has issued a warning regarding the potential credit strain on India's oil marketing companies, including Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd, if crude oil prices remain high. The agency noted that sustained elevated prices could significantly erode earnings before interest, taxes, depreciation, and amortization (EBITDA) if domestic fuel prices do not adjust accordingly. Companies with large inventory holdings and refining volumes may face increased working-capital needs, further pressuring their free cash flow (FCF). The report highlights that the duration of high prices is a more critical risk than short-term spikes. Indian Oil's diversified operations are expected to offer greater resilience, while Bharat Petroleum's financial profile is more vulnerable due to rising expansion costs. Hindustan Petroleum's credit outlook may improve as key joint-venture projects are completed, but prolonged high prices could delay this recovery. Overall, the ongoing high crude prices could exacerbate credit disparities among Asia-Pacific downstream companies, influenced by government policies and past support measures.