Indian oil corporation (IOC), the country’s largest fuel retailer, today announced regulation of crude throughput by 25-30 per cent at most of its refineries as the company gears up to deal with the severe impact on fuel demand in the wake of the 21-day lockdown announced by the government yesterday.
The company said it is operating fuel stations with skeletal staff to ensure personal hygiene and social distancing norms.
“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 Aviation Turbine Fuel (ATF) has also come down sharply due to suspension of flights,” IndianOil said.
It added the upliftment of finished products in the last one week has helped bulk storage across the country build up their stocks for future-readiness once the countrywide lockdown is lifted and the demand picks up.
The heads of two petrol pump dealers association told ETEnergyWorld today dealers are facing an unprecedented crisis as the demand for petrol and diesel has collapsed even as costs remain the same. They asked for a relief package from the government in order to ensure operations.
IndianOil said while the demand for most of the fuels has dropped, the demand for Liquefied Petroleum Gas (LPG) is growing.