IndianOil, the largest oil refiner and fuel retailer in India, reported a profit of Rs 12,967 crore in the third quarter, compared to a loss of Rs 272 crore in the same period last year. This turnaround was supported by a 14% drop in crude prices and the freeze on petrol and diesel prices. IndianOil also announced an interim dividend of Rs 5 per share for the current fiscal year. The company benefited from higher marketing margins and lower exchange losses, but revenue decreased due to lower oil prices.
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