BENGALURU – India’s state-run Oil and Natural Gas Corp (ONGC) on Friday posted a greater than 20% drop in second-quarter revenue, dragged down by decrease costs for crude oil.

Crude costs have fallen greater than 35% from their peak within the September quarter final 12 months amid financial uncertainties and easing issues over provide.

The firm’s revenue fell to 102.16 billion Indian rupees ($1.23 billion) for the quarter ended Sept. 30, in contrast with 128.26 billion rupees a 12 months earlier.

Crude oil value realisation, or the worth at which it sells the product, was down 11.2% at $84.84 per barrel within the newest quarter, in contrast with $95.50 a 12 months earlier, whereas realisations in its joint ventures fell 16.4% to $79.41, the nation’s prime explorer stated in an announcement.

ONGC’s complete crude oil manufacturing fell 2.1% to five.25 million metric tons (MMT), whereas complete gasoline manufacturing dropped 2.8%.

Oil India reported a greater than 80% drop in second-quarter revenue on Wednesday because it put aside 23.63 billion rupees for an ongoing litigation. ($1 = 83.2223 Indian rupees)

(Reporting by Sethuraman NR and Nishit Navin in Bengaluru; Editing by Anil D’Silva)