State-run Oil India Ltd. on Saturday reported a 23.5 per cent jump in net profit for the third quarter ended December 31, 2009, on the back of higher price-realisation for the crude oil it produces.

Net profit in October-December quarter at Rs. 717.28 crore was 23.48 per cent higher than Rs. 580.87 crore in the same period a year-ago, OIL Chairman and Managing Director N.M. Borah told reporters here.

OIL got USD 58.78 per barrel for the crude oil it produced in the third quarter after paying a fuel subsidy of USD 15.11 per barrel. The company had in the year-ago period realised USD 37.48 per barrel after paying the fuel subsidy of USD 16.79 per barrel.

Borah said the company’s fuel subsidy outgo had declined by about 11 per cent to Rs. 467.62 crore in the third quarter against a pay out of Rs. 524.84 crore in the third quarter of previous fiscal.

Turnover rose 44.55 per cent to Rs. 2,084.44 crore in the third quarter.

Oil production was up 3.76 per cent at 0.911 million tonnes, while natural gas output rose 9 per cent to 0.626 billion cubic meter.

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