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ICICI Securities Report
As per petroleum ministry data for January 2022 -
petroleum product consumption was flat YoY and down 6% from January 2020 levels;
auto fuel consumption was down 5-6% YoY in Jan-22 (petrol consumption up 3% YoY while that of diesel was down 1% YoY in February 2022, as per preliminary data);
India's refinery utilisation was 103% in Jan (102% in Q3 FY22);
Bharat Petroleum Corporation Ltd.'s refinery utilisation stood at 120% in Jan (101- 111% for Inidan Oil Corporation Ltd. and Hindustan Petroleum Corporation Ltd.); and
throughput was down 5-7% YoY for BPCL and IOCL but that of HPCL was up 14% YoY in Jan due to ramp up of expanded capacity at Mumbai refinery.
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