Indian Oil cuts capacity utilisation by 25-30% as fuel demand falls
NEW DELHI: Indian Oil CorpNSE -0.64 %, the nation’s largest refiner, has cut capacity utilisation by 25-30% at its refineries as demand for petroleum products have dramatically fallen in the wake of the Coronavirus pandemic, the company said in a statement.
“Upliftment of finished products from them in the last one week has helped up country bulk storage locations of the Corporation build up their stocks for future-readiness once the countrywide lockdown is lifted and the demand picks up again. The Corporation is keeping a close watch on global cues and the changing market scenario and initiating actions accordingly,” Indian Oil said.
