State-owned Oil and Natural Gas Corp today reported a 6 per cent rise in its net profit to Rs 5,388.77 crore in the quarter ended September 30.

ONGC had posted a net profit of Rs 5,089.64 crore in July-September quarter of 2009-10 fiscal, the company said in a statement.

Sales rose to Rs 18,238.98 crore in Q2 of current fiscal from Rs 15,134.04 crore a year ago.

ONGC said it paid Rs 3,019 crore towards fuel subsidy in the quarter under review, as against Rs 2,630 crore in the Q2 of last fiscal.

The company’s net realisation on crude sales was $ 62.75 a barrel after giving refiners IOC, BPCL and HPCL a discount to make up for one-third of their loss on sale of fuel below cost. Its net realisation in the Q2 of last year was $ 56.41 per barrel.

ONGC’s gross realisation (pre-subsidy discount) was $ 79.21 per barrel as opposed to $ 70.50 a barrel in the July-September quarter a year ago.

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