Oil India Ltd, the nation’s second-largest state oil and gas producer, logged second quarterly loss in its history in April-June after crude oil prices slumped to lower than the cost of production. OIL had a net loss of Rs 248.61 crore in the first quarter of 2020-21 fiscal as compared to a net profit of Rs 624.80 crore in the same period of the previous financial year. ‘This is the second quarterly loss in OIL history. We had a quarterly loss in 2018-19 fiscal,’ OIL Director-Finance Harish Madhav said on Saturday.

The loss was primarily due to price realised for oil the company produced dropped to USD 30.43 per barrel in the June quarter as compared to USD 66.33 a barrel price realised a year back, he said. Turnover in April-June reduced to Rs 1,874.48 crore from Rs 3,496.10 crores in the same period last year.