NEW DELHI, March 19 -- Oil prices are rising and that's never a good thing for an oil importing country like India. Brent crude oil prices are flirting with $70 a barrel and have so far in 2021 increased by about 33%.
Higher crude oil prices affect many sectors.
For instance, strong oil prices bode well for producers such as Oil and Natural Gas Corp.
Ltd (ONGC) and Oil India Ltd. Understandably, shares of ONGC and Oil India have increased by around 23%, each, so far this calendar year, versus about an 8.5% increase in the Nifty 100 index.
As far as state-run oil marketing companies (OMCs) are concerned, as long as they keep passing on higher oil prices in the form of higher retail prices, there shouldn't be an issue. "But the market is ...