NEW DELHI: A freeze on petrol and diesel prices amid declining crude during the July-September period helped IndianOil, the country’s largest oil refiner and fuel retailer, bounce back into black with a handsome profit of Rs 12,967 crore in the third quarter against a loss of Rs 272 crore in the previous corresponding period.
The board on Tuesday approved an interim dividend of Rs 5 per share, or 50%, for the current fiscal.
The sharp turnaround was aided by a 14% drop in crude prices from the year-ago period helped the state-run giant cover past losses and make more than half of its highest annual profit of Rs 24,184 crore in 2021-22 in just six months of the current fiscal.
