Crude oil processed by Indian refiners slipped 26.4% from a year ago in August, the most in four months, as fuel demand remained subdued on skyrocketing coronavirus cases that hindered industrial and transport activity.
Indian refiners processed 3.82 million barrels per day (bpd) or 16.15 million tonnes of crude last month, 8.7% lower than in July, government data released on Thursday showed.
Crude oil throughput in August recorded its largest year-on-year contraction since April, when it posted its steepest decline since 2003. Weaker refining margins and a slide in fuel consumption have prompted refiners to cut crude processing and lower output.
Fuel demand posted its biggest monthly decline since April last month, as a surge in coronavirus infections continued to throttle economic activity and transportation. [O/INDIA2]
India has been consistently reporting the world’s highest daily tallies of infections and its 5.7 million coronavirus cases only trail the United States.