NEW DELHI: Indian Oil Corporation’s refineries reached full throttle in November as all of 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,” IndianOil chairman S M Vaidya said on Tuesday.
IndianOil’s refinery rate is considered a bellwether for fuel consumption as it is the country’s largest oil refiner and fuel retailer with a capacity to process 1.6-million barrels of oil a day, or about a third of the country’s daily intake. Capacity utilisation had reached 88% in October.
