Indian Oil refineries operating at 95% capacity, sources say

Indian Oil Corp Ltd’s (IOC) refineries are operating at about 95% of their capacity, down from 100% at the same time last month, two sources familiar with the matter told Reuters.

Coronavirus cases have surged in India, leading to curbs on movement across the country, a move analysts say could hit fuel demand in the world’s third largest oil importer and consumer.

An official at IOC, India’s biggest oil refiner, said the cuts in runs at its refineries were “marginal” but analysts and industry officials say there could deeper reductions in output from the country’s refineries in coming days.