India’s Top Refiner: Oil Processing Won’t Be Back To Pre-Crisis Levels Soon

Indian Oil Corporation (IOC), the country’s biggest refiner and fuel retailer, doesn’t expect its capacity utilization to return to pre-pandemic levels in the near future, IOC’s chairman S.M. Vaidya told reporters on Friday. IOC had been gradually boosting its refinery capacity utilization since May, but utilization has been down in recent weeks as many states in India re-imposed localized lockdowns, after the nationwide lockdown in April-May, following a surge in COVID-19 cases.   IOC’s capacity utilization has dropped…