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According to a report from the ICIS-MRC website in Moscow on May 21, according to a statement from the chairman of India’s largest refiner, Indian Oil Corp (IOC), Reuters reported that the second wave of COVID-19 has hit Fuel demand, the company has reduced the proportion of crude oil processing capacity in total production capacity from 96% in April to 84%.
According to preliminary data released on Monday, Indian state-owned refineries' domestic light oil and gasoline sales in the first half of May fell by one-fifth compared with the previous month due to the lockdown to curb the new crown epidemic that has hit industrial activities and consumption.
The company’s president, SM Vaidya, said that demand has been destroyed, which is also reflected in the operation of the refinery.
The company and its subsidiary Chennai Petroleum control one-third of India’s 5 million barrels per day refining capacity.
Vaidya said that in May last year, the state-owned refinery had an average operating rate of 67%.
Nonetheless, the surge in crude oil prices promoted the increase in IOC inventory and the increase in refining gross profit margin (GRM), which helped the company achieve a net profit of 87.
Hao Fen translated from ICIS-MRC
The original text is as follows:
Indian Oil reduces crude processing to 84% as COVID-19 pandemic hits fuel demand
Indian Oil Corp, India's top refiner, has cut crude processing to average at 84% of overall capacity from 96% in April as a devastating second wave of COVID-19 dented fuel demand, reported Reuters with reference to the company's chairman statement.
Domestic sales of gasoil and gasoline by Indian state refiners plunged by a fifth in the first half of May from a month earlier, preliminary data showed on Monday, as lockdowns to curb COVID-19 cases hit industrial activities and consumption.
"Demand destruction is there, which has also reflected in refinery runs.
The company, along with subsidiary Chennai Petroleum, controls about a third of India's 5 million-barrels-per-day (bpd) refining capacity.
In May last year, the state-owned refiner was operating its plants at an average 67%, Vaidya said.
Still, a surge in crude prices boosted inventory gains and gross refined margins (GRMs) at IOC, helping it report a net profit of 87.
