Indian Oil Corp, the nation’s high refiner, has minimize crude processing at its refineries by 25 per cent to 30 per cent as native demand for refined gasoline is hit following full lockdown to curb unfold of coronavirus, it stated in a press release on Wednesday. India has imposed a sweeping lockdown of its 1.three billion individuals on Wednesday for 21 days, and is simply permitting the provision of important commodities. The transfer prompted a number of industries to close operations and a few ports within the nation to declare pressure majeure.
“Within the wake of the COVID-19 outbreak within the nation, the demand for petroleum merchandise like petrol, diesel, gasoline oil, bitumen, and many others., have decreased considerably. The demand for ATF (Aviation Turbine Gasoline) has additionally come down sharply on account of suspension of flights,” it stated, including solely deamnd for cooking fuel is rising.
State-owned Indian Oil controls a few third of India’s 5 million barrels per day (bpd) refining capability.
Different state oil refiners are additionally decreasing crude processing as native gasoline demand has tumbled.
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