Oil India reports high-ever profit on oil price surge
NEW DELHI: State-owned Oil India Ltd on Friday reported its highest-ever quarterly net profit in the three months to March as it got nearly $100 per barrel price for oil produced and sold.
Net profit at Rs 1,630.01 crore in January-March was almost double of Rs 847.56 crore profit in the same period of last year, OIL Director (Finance) Harish Madhav told reporters here.
This is because the firm got $98.08 for every barrel of crude oil produced and sold in the fourth quarter of fiscal 2022, as compared to $59.80 a barrel realisation a year back.
