ONGC reported a profit of Rs 496 crore on a standalone basis for the quarter ended June 30, 91.7% less than the profit made in the same period a year ago.
The state-run oil and gas producing company attributed the loss to lower crude price realisation in the wake of the coronavirus crisis on global oil and gas industry. The company is also facing under-recoveries from its gas business, after the government slashed the price of domestic gas to $2.39 per million British thermal units (mmBtu), whereas the firm’s average output cost is around $3.7/mmBtu.
