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ICICI Securities Report
We gleaned the following from petroleum ministry data for March 2022:
petroleum product consumption was up 4% YoY and 22% from January 2020 levels;
auto fuel consumption was up 7% YoY in March 2022 (petrol and diesel consumption up 6% and 7% YoY in March-22, as per preliminary data);
India’s refinery utilisation was 97% in February 2022 (102% in Q3 FY22);
Bharat Petroleum Corporation Ltd.’s refinery utilisation stood at 115% in Feb-22 (100-102% for Indian Oil Corporation Ltd. and Hindustan Petroleum Corporation Ltd.); and
throughput was up 9-7% YoY for HPCL and IOCL, but that for BPCL was down 2% YoY in Feb-22.
Auto fuel demand rose sharply month-on-month in Mar-22, as per preliminary data. Thus, throughput may bounce back March-22 onwards.
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