 "Oil, OMCs, Oil rig, Fuel, Indian Oil, Hindustan OIL, Bharat Petroleum, Petrol, Gas, LPG, Oil drilling, block, basin")
Chennai Petroleum Corporation Ltd (CPCL), a group company of Indian Oil Corporation, said on Friday that it would have to take an inventory write down of Rs 1,456 crore due to Covid-19. The company also said it had scaled down its operations to around 60 per cent.
The company informed the BSE that international prices of crude and products had crashed on account of demand destruction due to the Covid-19 pandemic and the consequent lockdown from March 25, 2020, in India impacted the business of the company.
Consequently, lower demand for crude oil and petroleum products had impacted the prices
