InvestorQ : How is the oil demand shaping up in India and what does that mean for ONGC, IOCL and BPCL?
Dilmini Mercia made post

How is the oil demand shaping up in India and what does that mean for ONGC, IOCL and BPCL?

Answer
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Dhwani Mehta answered.
3 months ago


Finally, there may be some good news on the oil refining front and that may be music for the oil extractors and the refiners in India including ONGC, Reliance, IOCL, and BPCL etc. For May 2020, the refinery throughput has improved sharply compared to April. This is on the back of higher demand from refiners and from consumers. The throughput for the refineries like IOCL increased to 80% and IOCL reported that demand for all petroleum products doubled in May over April. During the month of April 2020, refinery utilization levels had dropped to 39%. From that point, the petrol demand is up by 70% in just one month while the diesel demand is up 60%. Normally, revival in oil demand is regarded the signal of an economy getting back into action.