India’s refinery capacity utilization picked up in May to an average of 77 percent after the world’s third-largest oil importer started to ease the nationwide lockdown, data from the oil ministry cited by The Economic Times showed. India’s refinery throughput increased by 11 percent in May compared to April, as all refineries processed a total of 16.34 million tons of crude oil last month, the government figures showed. Compared to May 2019, India’s refinery throughput was down by 24 percent. Refinery capacity utilization began to rise last month from the lows in April when gasoline and diesel demand in India was said to have crashed by around 60 percent year on year. In May, India’s fuel demand picked up pace from the April lows, and Indian Oil Corporation (IOC), the country’s biggest refiner and fuel retailer, began to gradually boost operations across its refineries, aiming to raise utilization to […]