Oil India Ltd logs Rs 249 crore loss in Q1 on slump in oil prices

Oil India Ltd, the nation’s second-largest state oil and gas producer, logged second quarterly loss in its history in April-June after crude oil prices slumped to lower than the cost of production.

OIL had a net loss of Rs 248.61 crore in the first quarter of 2020-21 fiscal as compared to a net profit of Rs 624.80 crore in the same period of the previous financial year.

“This is the second quarterly loss in OIL history. We had a quarterly loss in 2018-19 fiscal,” OIL Director-Finance Harish Madhav said on Saturday.

The loss was primarily due to price realised for oil the company produced dropped to $30.43 per barrel in the June quarter as compared to $66.33 a barrel price realised a year back, he said.