Capacity utilisation at IOC slips to 84% due to restrictions
Indian Oil Corp. Ltd (IOC) on Wednesday said its capacity utilisation has fallen to 84% currently from 100% last November as the deadly second wave of Covid-19 has forced most states to impose lockdowns.
This has crimped fuel demand in India, which is the world’s third-largest oil importer and the fourth-largest buyer of liquefied natural gas. Energy consumption, especially electricity and refinery products, tends to be linked to overall demand in the economy.
Capacity utilisation at IOC, the country’s largest refiner, had dropped to about 35% at the start of the lockdown during the first wave of the pandemic last year amid a sharp drop in demand for fuel products.
