IOC refineries reach full throttle in November on steady demand growth

NEW DELHI: IndianOil Corporation’s (IOC) refineries reached full throttle in November as all its 11 units worked at 100% capacity, against 98.6% in the year-ago period, on the back of a sustained rebound in demand for fuel and other products.
“The Indian economy continues to witness the green shoots of revival. As we get closer to the Covid-19 vaccine rollout, the fundamentals of the economy being strong, we see a rapid V-shaped recovery in the overall consumption of petroleum products,” company chairman S M Vaidya said on Tuesday.
IndianOil’s refinery rate is considered a bellwether for fuel consumption as it is India’s largest oil refiner and fuel retailer with a capacity to process 1.6 million barrels a day of oil, or about a third of the country’s daily intake. Capacity utilisation had reached 88% in October.