Thursday, August 11, 2022

IOC refinery throughput rises to 100% in Nov as fuel demand inches closer to pre-covid levels

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  • In October, this figure was 88 percent, and the figure for the same period of the previous financial year was 99 percent

  • During November, ATF has also registered a growth of 4 percent as compared to October, but is still 45 percent less when compared on a year-on-year basis

New Delhi: The crude oil throughput of Indian Oil Corporation (IOC) refineries rose to 100 percent in November, as consumption of all petroleum products has almost reached pre-Covid levels. In October, this figure was 88 percent, and the figure for the same period of the previous financial year was 99 percent. As the Indian economy prepares to bounce back, IOC has gradually raised the throughput of its refineries to the maximum capacity in six months from about 55 percent of rated capacity at the beginning of May.

ATF sees growth of 4% month-on-month, but down by 45% year-on-year 

During November, the sale of Motor Spirit (Petrol) was 1.06 MMT, which is higher by 4 percent as compared to the same period last year. In the case of LPG, the demand has gone up by approximately 1.4 percent to 1.09 MMT as compared to the corresponding period last year. On the other hand, although HSD has registered a growth of 2 percent on a month-on-month basis, it is still 9 percent less when compared on a year-on-year basis. ATF has also registered a growth of 4 percent as compared to October, but is still 45 percent 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, petcoke and sulphur, is also improving enabling an increase in throughput of refineries.

‘V-shaped recovery in overall consumption of petroleum products’

Commenting on the increased demand for petroleum products, Indian Oil Chairman SM Vaidya 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.” 

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“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,” he added.

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