Business: ONGC shares up 8% as crude hits fresh high

New Delhi, March 7 (IANS) Shares of state-run oil exploration company ONGC rose sharply on Monday in line with skyrocketing global crude oil prices.

Ongoing hostilities between Russia and Ukraine as well as lack of fresh supplies pushed crude oil price to a 14-year high of $130 per barrel on Monday.

Global crude oil prices have risen over 40 per cent in the past one-month period.

Analysts believe higher crude oil prices may yield better profitability for the company.

It is widely expected that the Oil Marketing Companies will revise the current prices on or after March 7, which is the last day of voting in the ongoing state Assembly elections.

Domestic fuel prices have been steady since early November when the Centre reduced excise duty on petrol and diesel by Rs 5 and Rs 10 per litre, respectively.

At 1.11 p.m. on Monday, the shares of ONGC traded at Rs 178.90, up 8.1 per cent from Friday’s close.

Since the start of 2022, it rose around 25 per cent, data showed.

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