BENGALURU: State-run refiner Indian Oil Corp Ltd s quarterly profit more than doubled, as the value of its inventory increased on the back of higher crude prices and margins rose at its petrochemical business.
An inventory gain is booked when oil prices rise when the company is refining and shipping petroleum products. Brent crude prices jumped 26.50% in the December quarter.
IOC, the country s top refiner, posted net profit of Rs 4,917 crore ($673.75 million) for the quarter ended December 31, compared with Rs 2,339 crore a year earlier. Revenue from operations rose to Rs 1.47 lakh crore.
India s oil consumption has seen a V-shaped recovery since Covid-19 related restrictions were lifted and oil product sales are expected to reach pre-Covid-19 levels in the last quarter of financial year 2020-21, chairman S M Vaidya said on a conference call.
Economic Survey: India s oil production falls by 6%, gas by 5% in FY 20
Of the total crude oil and condensate production, 64.1% was from Oil and Natural Gas Corporation, 9.7% from Oil India Ltd
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Production of refinery products/petro products has fallen by 13.5% during April-December FY21
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MUMBAI :
India saw its oil production fall by 6% and natural gas production drop by 5% in 2020 on the back of Covid-19 pandemic, said the Economic Survey.
The third-largest energy consumer in the world after the USA and China, India’s indigenous crude oil production declined to 32.17 Million Metric Tonnes (MMT) in FY20 as against 34.20 million metric tonnes in FY19.
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Union Minister Dharmendra Pradhan on Friday launched Launch of Indian Oil Corp Ltd s missed-call facility for refill booking and several other consumer-centric initiatives. (Photo/ANI)
Dharmendra Pradhan launches missed-call facility for Indane refill booking ANI | Updated: Jan 01, 2021 23:59 IST
The minister launched the missed-call facility for Indane refill booking and for registering a new LPG connection through a single number (8454955555) for the convenience of the consumers.
The minister talked about the consumer-centric initiatives of the BJP-led government in a series of tweets. In line with PM Narendra Modi s vision for a Digital India, these consumer-centric initiatives will make LPG refill booking and new connection registration more convenient and free of cost. This will benefit consumers, especially the elderly and those from rural areas, Pradhan said.