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Indian state refiners cut runs on weak demand

India state refiners are cutting crude processing as local fuel demand is hit by lockdowns in most parts of the country to prevent spread of coronavirus, industry and company officials said.

Top refiner Indian Oil Corp has cut refinery runs by an average 15%-20%, sources familiar with the matter said.

“About 65% of the crude is used to produce jet fuel, petrol and diesel …demand for these products is very low,” said one of the sources.

The sources did not wish to be identified as they are not authorised to speak to media.

IOC did not respond to a Reuters email seeking immediate comment.
Source: Reuters (Reporting by Nidhi Verma; editing by Jason Neely)

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