"Procter should go higher today," Cramer said on CNBC's Squawk on the Street this morning, but if oil hits $28 per barrel it could drag shares of the consumer products company down.
He explained that McDonald's Corp. (MCD) stock was up more than $2 on Monday after reporting great comparable-store sales for the 2015 fourth quarter, but then closed just 80 cents higher than Friday's closing price because of weak oil prices.
Cheaper oil is good for businesses like Procter & Gamble because the company uses oil derivatives in several products, from Head & Shoulders to the shampoo's plastic packaging.
Cramer urged the company to show how lower oil benefits them, the way they detail how the strong dollar hurts them.
The benefits from cheaper oil are not clear and prices would have to drop to as low as $15 per barrel for investors to see the advantages, Cramer explained.
Before the market open this morning, Procter & Gamble reported a 9% decline in net sales for the latest quarter, but a 2% increase in organic sales, which excludes the impact from foreign exchange rates.
"You have to get away from currency and talk about organic growth," Cramer commented.
Procter & Gamble stock is rising 3.07% to $79.21 in mid-morning trading on Tuesday.
Separately, Procter & Gamble has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's increase in net income, expanding profit margins, largely solid financial position and growth in earnings per share.
You can view the full analysis from the report here: PG
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.