The first year of the oil sector deregulation has been bounteous for the oil firms which nearly doubled their combined net profit to Rs 23,254.6 crore (Rs 232.546 billion) in 2002-03, Petroleum Minister Ram Naik said on Thursday.

"This year was a watershed year for the oil industry. The profits of 12 public sector undertakings under the ministry of petroleum & natural gas have gone up from Rs 12,708.9 crore (Rs 127.089 billion) in 2001-02 to Rs 23,254.6 crore (Rs 232.546 billion) during 2002-03," he said.

And almost every oil scrip rose between 40 per cent and 60 per cent this fiscal.

ONGC added a new chapter in India's corporate history, when the company crossed the Rs 10,000 crore (Rs 100 billion) profit mark for the first time, netting Rs 10,529.2 crore (Rs 105.292 billion).

IOC profits more than doubled to Rs 6,115 crore (Rs 61.15 billion), while privatisation bound HPCL leaped 95 per cent to Rs 1,537 crore (Rs 15.37 billion).

BPCL profits rose 47 per cent to Rs 1,250.3 crore (Rs 12.503 billion), while GAIL net rose to Rs 1,639 crore (Rs 16.39 billion).

While Bongaigaon Refinery reversed trends to be in black, Kochi Refineries saw a whooping 563 per cent increase  in its net profit to Rs 456 crore (Rs 4.56 billion), while EIL was up 171 per cent to Rs 67 crore (Rs 670 million), he said.

Naik was however at loss to explain the riches of oil firms when they are supposed to be incurring a loss of Rs 500 crore (Rs 5 billion) a month on LPG and kerosene subsidy.

He sought to deflect the criticism of oil companies for not sharing the riches in the first year of deregulation saying the increased profits were largely due to firms being allowed market determined prices.

Petroleum product prices rose throughout the year with a devastating impact on inflation, which climbed to over 7 per cent.