In Might in 2015, Indian Oil was operating its plants at average 67 per centIndian Oil Corp has actually lowered crude processing to average at 84 per cent of overall capacity from 96 per cent in April as a devastating second wave of COVID-19 dented fuel demand, the chairman of the nation's greatest refiner said on Wednesday.
Domestic sales of diesel and petrol by state refiners plunged by a fifth in the very first half of Might from a month previously, initial data showed on Monday, as lockdowns to curb COVID-19 cases hit commercial activities and intake.
Need destruction is there, which has actually also shown in refinery runs ...
When it (fuel need) will go back to normalcy is an extremely hard concern to address, Chairman SM Vaidya said, pinning recovery hopes on the nation's vaccination drive versus the pandemic.The company, together with subsidiary Chennai Petroleum, manages about a third of India's 5 million-barrels-per-day (bpd) refining capability.
In Might in 2015, the state-owned refiner was operating its plants at an average 67 percent, Vaidya said.Still, a rise in crude rates boosted inventory gains and gross refined margins (GRMs) at IOC, helping it report a net revenue of Rs 87,81 crore for the quarter ended March 31, versus a loss of Rs 5,185 crore a year earlier.
Experts were expecting a revenue of Rs 5,506 crore, according to Refinitiv IBES data.IOC's GRM - the distinction in between the cost of crude oil processed and the market price of improved products - was $10.60 per barrel against minus $9.64 a year ago.