State-run explorer Oil India reported a 9.3 per cent fall in third-quarter profit on Tuesday, hit by lower prices for crude oil and a windfall tax levied by the government.
Standalone profit was Rs 1,584 crore ($191 million) for the quarter ended December 31, compared with Rs 1,746 cr a year earlier.
Average crude prices fell 6.5 per cent in the December quarter, as per LSEG data. The Indian government’s windfall tax on crude oil producers since July 2022 has also hurt its bottom line.
