India’s largest state refiner IOCL reported that its refining margins jumped by nearly sevenfold in the July-September quarter to $8.62/barrel as it processed crude oil bought amid low prices in April-June. However, exports during the quarter fell 3.2% year-on-year to 1.2 million tons. For the April-September period, IOCL gross refining margins stood at $3.46/barrel, increasing by 16.9% from a year earlier.
Crude throughput in the July-September quarter fell 20.3% year-on-year to 14 million tons, the company said. Its pipeline throughput also slumped 20.2% year-on-year to 17.3 million tons, while domestic sales decreased 12.3% to 17.7 million tons due to the nationwide lockdowns aimed at curbing COVID-19 infections. For the April-September period, crude throughput dropped 22.7% year-on-year to 26.9 million tons. Pipeline throughput fell 25.8% year-on-year to 32.4 million tons, while sales slumped 21% to 32.9 million tons. Meanwhile, exports increased by 4.7%, year-on-year to 2.5 million tons.
