BENGALURU: India’s top oil explorer Oil and Natural Gas Corporation reported a 26% rise in its third-quarter profit, helped by higher crude and gas prices.
The state-run company’s profit came in at 110.45 billion rupees ($1.33 billion) for the quarter ended Dec. 31 compared to 87.64 billion rupees a year earlier.
India in September raised the price of locally produced gas by 40% to a record $8.57 per million metric British thermal units (mmBtu). The gas prices nearly tripled from a year ago.
