NEW DELHI : India’s largest refiner, Indian Oil Corp. Ltd (IOC) on Monday said that the demand for petroleum products is picking up, with the country slowing opening up for business.
The state owned refiner that had slashed its refining capacity to 45%, following a sharp drop in India’s petroleum product demand because of the Covid-19 pandemic, said that its refineries are “operating at about 60% of their design capacities with plans to scale up to 80% of the design levels by the end of the month." Energy consumption, especially electricity and refinery products, is typically linked to overall demand in an economy.