Oil India reports highest-ever profit due to high fuel, gas prices
State-owned Oil India Ltd on Friday reported its highest-ever quarterly net profit in the three months to March as it got nearly USD 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 USD 98.08 for every barrel of crude oil produced and sold in the fourth quarter of fiscal 2022, as compared to USD 59.80 a barrel realisation a year back.
For the full 2021-22 fiscal (April 2021 to March 2022) as well, the firm reported its highest-ever profit of Rs 3,887.31 crore, or Rs 35.85 per share, up from Rs 1,741.59 crore, or Rs 16.06 a share, in the previous financial year.
