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ICICI Securities Report
In November 2020, petroleum product consumption was down 3.7% YoY.
Diesel consumption too fell 6.9% YoY during the same month and 5% YoY in December 1 to 15, 2020, but petrol was up 5.1% YoY in November and 9.5% YoY in December 1 to 15.
Refinery utilisation surged to 101% in November 2020 versus 87% in October 2020 with month-on-month output rise being 2.5 million metric tonne while consumption was flat month-on-month. This meant rise in product inventory.
The oil price surge from end-Oct-20 lows has hit both gross refining margins and auto fuel net marketing margins (may fall to below Rs 1/litre in January 2021).
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