Increased costs of crude as well as of the energy consumed in refining would impact oil companies' margins. Earnings at state-run oil marketing companies would come under pressure if prices stay high this quarter. These companies made losses in the first half of 2022-23 but swung to a profit in the third quarter. Their blended marketing margins for petrol and diesel turned positive last quarter but can again come under pressure if global prices rise and domestic pump prices stay frozen.