India’s crude oil processing registered its second straight year-on-year gain in January, while hitting a more than one-year high, as fuel demand improved on the back of a gradual increase in industrial and economic activity.
Crude oil throughput in January rose 0.6% year on year to 5.16 million barrels per day (21.81 million tonnes), the highest since November 2019, provisional government data showed on Friday. Throughput was also up 3.8% from the previous month.
India’s factory activity expanded at its strongest pace in three months in January, fuelled by a continued recovery in demand and output, according to a private survey. However, an uptick in global oil prices posed a roadblock to the gradual recovery in demand.
Indian refiners operated at an average rate of 102.8% in January, slightly up from 102.6% in the same month last year and above December’s 99.1%, the government data showed. Refineries can operate at more than their usual capacity through technical alterations.
The country’s largest refiner, Indian Oil Corp (IOC) , last month operated its directly owned plants at 106.1% capacity, the data showed.
Reliance NSE 0.61 %, owner of the world’s biggest refining complex, operated its plants at 96.1% capacity in January.