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Covid-19-linked demand squeeze pushes IOC to cut crude processing
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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.
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