Expecting demand bump in festive season, oil companies ramp up refining

Indian Oil Corp., the nation's top processor, is currently operating its refineries at an average rate of 86% of capacity, compared with 66.7% in August

Indian oil refiners that have cranked up processing rates in response to a rebound in fuel demand have a seasonal boost to look forward to that not even a rapidly spreading virus is expected to derail.

The nation’s two main festivals -- Navratri and Diwali -- start mid-October and extend for more than a month, typically increasing demand for consumer goods with more diesel-guzzling trucks hitting the road to deliver everything from clothes to refrigerators. This may lead to refiners boosting already elevated crude processing rates further to meet rising fuel consumption.

Indian Oil Corp., the nation’s top processor, is