Oil and Natural Gas Corporation (ONGC) has become the second-largest profit-making company in the country in a year. Reliance Industries ranks first. The state-owned oil company has made a profit of Rs 40,306 crore in 2021-22. This is 2.58 times more than the 11,246 crores in 2020-21. The company sold crude oil last year at an average price of $ 42.78 per barrel. This year the price was $ 76.62 per barrel.
ONGC said this is the best price ever. Oil prices jumped sharply at the end of 2021, reaching a 14-year high. This resulted in maximum profit for the company. However, in 2008, when crude oil was $147 a barrel, the company had to subsidize petroleum products retailing companies. Due to this, kerosene, diesel, petrol, and LPG were sold at cheap prices. Due to this the company's earnings were less. However, now he is getting paid according to the global prices of crude oil.
Tata Steel now behind
Reliance Industries made a profit of 67,845 crores in 2021-22. After that Tata Steel made Rs 33,011 crore. However, if the other Tata Steel companies are included, then the profit becomes 41,749 crores. On this basis, it is the third highest profit-making company. Now ONGC has overtaken Tata Steel. TCS is at the 4th position with a profit of 38,449 crores and SBI is at the 5th position with 31,676 crores.
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