Mumbai, Jan 28 (IANS) State-owned Oil and Natural Gas Corporation (ONGC) Friday reported a 5.87 percent rise in net profit for the third quarter ended Dec 31 at Rs.7,083 crore as against Rs.3,054 crore earned during the same period of last fiscal.

The exponential rise in profit was due to higher crude oil prices in the period, as well as due to the governments decision to raise the gas prices, an ONGC statement said.

The net sales for the third quarter also rose to 21.49 percent at Rs.18,586.41 crore as compared to Rs.15298.43 crore in the corresponding period of fiscal 2009-10.

The other operating income jumped by nearly ten times from Rs.208 crore in the third quarter of last fiscal year to Rs.2,218 crore in this third quarter.

The upstream major is required to sell fuel at a lower cost to state-run oil marketing firms.

The company's scrip on the Bombay Stock Exchange (BSE) closed the day with a rise of 1.89 percent to Rs.1,135.60.