Indian Oil capacity utilization improves
NEW DELHI : Indian Oil Corp. Ltd (IOC), the country’s largest fuel retailer, Friday said it expects petrol and diesel demand to reach pre-pandemic levels in a couple of months.
IOC’s refineries are operating at 93% capacity chairman S.M. Vaidya said while announcing the second-quarter results of the state-owned company. This is a marked improvement from the time India imposed the world’s strictest lockdown to contain the coronavirus.
Capacity utilization of IOC had shrunk to around 35% at the beginning of the lockdown as India’s petroleum product demand nosedived because of the restrictions to prevent the spread of coronavirus.
