Indian Oil Corporation (IOC) has made a huge profit in the midst of a steady rise in petrol and diesel prices. The company posted a profit of nearly Rs 6,000 crore in the quarter between April and June. That’s more than three times a year.
Indian Oil reported Friday that its net profit jumped more than threefold in the June quarter, driven by revised margins and a rise in inventory earnings. According to the company, the net profit for April-June was Rs. 5,941.37 crore or Rs 6.47 per share, compared to Rs 1,910.84 crore or Rs 2.08 per share for the same period in the previous financial year.
Increase in earnings: India’s largest refining company makes $ 6.58 per barrel of crude oil as fuel in the quarter, compared to a gross refining margin (GRM) of $ 1.98 a barrel a year ago. The company’s operating income grew by 74 per cent to Rs 1.55 lakh crore.
Petrol in Sriranganagar, Rajasthan, is more expensive than 130 countries, R1 48 paise per liter in Venezuela
New Level Price: Indian oil quarterly results have come at a time when petrol and diesel prices are constantly rising. Petrol and diesel prices are at new lows. The petrol price in Delhi was Rs 101.84 per liter on Friday and Rs 89.87 per liter on diesel. Rajasthan is the most expensive petrol in the country. The price of petrol is Rs 113.21 per liter in Sriranganagar in Rajasthan and Rs 103.15 per liter on diesel.