Petrol and diesel margins have plunged to Rs -14/litre and Rs -18/litre, while fertiliser subsidy is set to surge to Rs 2.05–2.25 trillion, as crude prices remain elevated at $120-125 per barrel amid the West Asia crisis, triggering a broad-based stress cycle across India’s downstream sectors, Icra said. The sharp deterioration across key indicators reflects mounting pressure on oil marketing companies (OMCs), which continue to absorb rising input costs even as retail fuel prices remain largely unchanged.