SME Times is powered by   
Search News
Just in:   • Avail additional reconstruction term loans for MSME sector: CII  • Trump's rebuke of WHO puts spotlight on chief Tedros' role  • Adani Gas reduces prices of CNG, Domestic PNG  • 'RIL may gain market share in oil & gas industry post Covid-19'  • Older entrepreneurs more successful than younger counterparts 
Last updated: 25 Mar, 2020  

Oil.9.Thmb.jpg Covid-19-linked demand squeeze pushes IOC to cut crude processing

Crude.9.jpg
   Top Stories
» Avail additional reconstruction term loans for MSME sector: CII
» FIEO starts facility of digital certificate of origin for exporters
» Industry body calls for Rs 11 lakh crore package
» Stimulus worth $200-$300 bn needed to save economy
» Sensex logs biggest single-day gain of 2,476 pts
SME Times News Bureau | 25 Mar, 2020
In the wake of substantial reduction in demand for petroleum products post the Covid-19 outbreak in the country, country's largest public sector refiner Indian Oil Corporation has reduced crude processing at most of its refineries by 25 per cent to 30 per cent.

"In the wake of the COVID-19 outbreak in the country, the demand for petroleum products like petrol, diesel, fuel oil, bitumen, etc., have reduced substantially. The demand for ATF (Aviation Turbine Fuel) has also come down sharply due to suspension of flights. Keeping this in view, IndianOil has regulated crude oil throughput at most of its refineries by 25 per cent to 30 per cent," IOC said in a statement.

The cut in crude processing is being reduced after a long gap. This has been done as domestic demand for petrol, diesel, jet fuel and shipping fuel have fallen by over 10 per cent in the first two weeks of March. This comes even though the global oil market remained favourable for Indian consumers with sharp fall in both crude and petroleum product prices.

Indian Oil said though crude throughput has been reduced, upliftment of finished products in the last one week has helped upcountry 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," the IOC said.

In the midst of reduction in demand for major petro products, interestingly, there has been an increase in demand for LPG cooking gas.

"To meet the rising demand for LPG, IndianOil is taking steps to increase LPG production in its major refineries by optimising operations. Adequate stocks are available and there is no need for panic-booking by LPG customers," the company said.

IndianOil has kept all its fuel pumps operational during the entire duration of lockdown but are operating them with skeletal staff. A high-level committee has also been formed to deal with all matters related to Covid-19 , which has streamlined the working at the Corporation's non-critical locations with work-from-home norms to ensure proper social distancing.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 09 Apr, 2020
  Daily Poll
Ease of doing business improved in last one year
 Yes
 No
 Can't say
  Commented Stories
» China's forex reserves reach USD 2.85 trillion(5)
» Late payment: RBI move not enough for SMEs(3)
» Digital learning firms likely to reap the most of lockdown(1)
» Private banks, NBFCs to continue EMIs, if not informed(1)
» Fund set up for MSMEs to tackle COVID-19 effects(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter