The gain in refinery usage also occurs simultaneously with the growing gross refining margin (GRM) of Indian refiners, as they continue to benefit from lower crude oil prices globally.
New Delhi (Natural Energy News): With the increasing consumption of petroleum products, the refiner Indian Oil Corporation (IOCL) in the state utilized 100% of its refineries' design capabilities in November. At the start of the lockdown to prevent an outbreak of coronaviruses in March, IOCL limited crude oil to 25% to 30% in most of its refineries. The company had put all its refinery units on 'hot standby', which means that whenever demand for petrol and diesel rises, the units are ready for scale-up.
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The level of utilization had risen to 89% in June, but fell to 61% and 77% respectively in August and September as some states resorted to implementing sporadic local lockdowns. The run rate was 89% at the end of October. IOCL President SM Vaidya said, “As we are approaching the Covid-19 vaccine roll-out, the infrastructure of the economy is strengthening.
The gain in refinery usage also occurs simultaneously with the growing gross refining margin (GRM) of Indian refiners, as they continue to benefit from lower crude oil prices globally. While IOCL's GRM was only 0.08 / barrel in FY20, on an average weighted basis, the same rose to $ 3.46 / barrel in the April-September period. The total refining capacity of the country is 249.9 MT per year, and 69.7 MTPA of this is operated by IOCL.
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