The fall in crude prices will benefit oil marketing companies like HPCL, BPCL and IOC. The fall in crude prices will help oil marketing companies reduce underrecovery. Oil and gas companies like MRPL, Essar Oil, Chennai Petro, Reliance Industries and Manali Petrol will also benefit as crude serves as raw material for these companies. Upstream companies like ONGC, GAIL and Oil India will also benefit as the subsidy burden of these companies will be reduced.

(1) Aviation Share- Aviation companies like Indigo and SpiceJet will benefit from cheap crude as these companies will be able to get cheap ATF. ATF accounts for up to 50% of the total cost of airlines.

(2) Tyre Share- Tyre companies like Apollo Tyres, CEAT and JK Tyres will also benefit from the fall in crude prices. Carbon black or synthetic rubber used by tyre companies is prepared from crude oil. (3) Paints Share- Paint companies like Asian Paints, Berger Paints, Kansai Nerolac and Shalimar Paints will also benefit from the fall in crude prices as crude accounts for 25-30% of the total raw material cost of these companies. (4) FMCG Share- FMCG companies like HUL, Godrej Consumer and Dabur will also benefit from cheap crude as crude accounts for 15-30% of the total cost of making FMCG products. (5) Cheap crude will also benefit VIP Industries, and PVC manufacturing companies like Jain Irrigation and Finolex Industries. Derivatives of crude are used to make PVC. Plastic-dependent companies like Neelkamal and Supreme Industries will also benefit from cheap crude. DCW, Phillips Carbon, Goa Carbon and Nocil will also benefit from cheap crude. HSBC On OMCs- Oil marketing companies will directly benefit from the fall in crude. HSBC has given a buyer's opinion on the shares of companies from BPCL, HPCL, IOC.