PetroChina, which is the world’s second most valuable oil and gas producer after Exxon Mobil, has reported a 23.5 per cent drop in its quarterly net profit due to the international downfall in crude oil prices.

According to a statement given by Shanghai Stock Exchange, the company’s net profit for July-September period has dropped from 40.3 billion yuan in previous year to 30.8 billion yuan this year.

PetroChina, which is China’s number 2 refiner, is benefited from Beijing as it raised the prices of gasoline and diesel by 4-5 percent in September.

PetroChina along with other major global brands such as Exxon Mobil and Royal Dutch Shell Plc have been hit badly by a sharp fall in oil rates from their 2008 peak.