The crude oil throughput of Indian Oil refineries rose to 100% in November 2020, as consumption of all petroleum products has almost reached pre-Covid levels. In October 2020 this figure was 88%, and last year for the same period it was 99%. As the Indian economy prepares to bounce back, the Indian Oil has gradually raised the throughput of its refineries to the maximum capacity in six months from about 55% of rated capacity at the beginning of May 2020.
During November 2020, the sale of Motor Spirit (Petrol) was 1.06 MMT, which is higher by 4% as compared to the same period last year. In the case of LPG, the demand has gone up by approximately 1.4% to 1.09 MMT as compared to the corresponding period last year. On the other hand, although HSD has registered a growth of 2% as compared on a month on month basis, it is still 9% less when compared on a year-on-year basis. ATF has also registered a growth of 4% as compared to October 2020 but is still 45% less when compared on a year-on-year basis.
Concomitantly with the growing consumption of white oils, petrol, diesel and ATF, the demand for black oils and speciality products like fuel oil, bitumen, pet coke and sulphur, is also improving enabling an increase in throughput of refineries.
SM Vaidya, Chairman, Indian Oil, said “The Indian economy continues to witness the green shoots of revival. As we get closer to the Covid-19 vaccine roll-out, the fundamentals of the economy being strong, we see a rapid V-shaped recovery in the overall consumption of petroleum products All our project sites too are witnessing a revival in terms of construction activities. In view of this, Indian Oil the largest oil refiner of the country is all geared up to meet the rising market demand in accordance with objectives of the Atmanirbhar Bharat Mission to place the economy on the path of growth resolutely.”
