NEW DELHI: Flagship oil refiner and fuel retailer IndianOil on Friday reported a 211% jump in the first quarter standalone net profit to Rs 5,941 crore from Rs 1,910 crore a year ago on the back of strong refining margins and low base of the pandemic year.
Company chairman Shrikant Madhav Vaidya said the company earned $6.58 on turning every barrel of crude oil into fuel during the quarter under review, up from $1.98 per barrel a year ago. The margin, however, stood at $2.24 per barrel after netting out inventory gains.
Vaidya said petrol consumption reached pre-Covid levels in the first week of July, while diesel is at about 88% of the pre-Covid levels.
