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 232.55 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 and natural gas have gone up from Rs 12,708.9 crore (Rs 127.09 billion) in 2001-02 to Rs 23,254.6 crore during 2002-03," he said at the NPMP award presentation function in New Delhi.

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

The Oil and Natural Gas Corporation 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 105.29 billion).

The Indian Oil Corporation more than doubled its profits to Rs 6,115 crore (Rs 61.15 billion), while the Hindustan Petroleum Corporation Limited leaped 95 per cent to Rs 1,537 crore (Rs 15.37 billion).

The profit of Bharat Petroleum Corporation Limited soared 47 per cent to Rs 1250.3 crore (12.50 billion), while Gas Authority of India Ltd's net rose to Rs 1639 crore (Rs 16.39 billion).

While the Bongaigaon Refinery reversed trends to be in the black, Kochi Refineries saw a whooping 563 per cent increase in its net profit to Rs 456 crore (4.56 billion).

Naik was however at a 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 the liquefied petroleum gas 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 the firms being allowed the market determined prices.