New Delhi: Oil India Ltd, the second largest public sector oil and gas producer company. (OIL) reported a net loss in the first April-June quarter of the current financial year. The company has incurred losses due to crude oil prices falling below the cost of production. This is the second time in the company’s history that it has incurred losses during the quarter. Oil India incurred a net loss of Rs 248.61 crore in the first quarter of the current financial year. This earned the company a net profit of Rs 624.80 crore in the same quarter of the previous financial year.
Harish Madhav, director (finance), Oil India, said, “This is the second quarterly loss in the history of Oil India. Earlier the company had a quarterly loss in 2018-19. ”He said that the main reason for this is the fall in prices. During this time the company received a price of $ 30.43 for each barrel of oil produced. In the same quarter a year ago, the company received $ 66.33 per barrel production.
