NEW DELHI : With the sharp drop in India’s petroleum product demand due to the coronavirus outbreak, India’s largest refiner—Indian Oil Corporation Ltd (IOCL)—has slashed its refining capacity by around 25% to 30%.
While the transportation demand has come down with the citizens cooped indoors, there has been an uptick in the demand for domestic cooking gas in the backdrop of India going for a three-week nationwide lockdown in the world’s largest such exercise aimed at stemming the spread of coronavirus. “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.