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Diesel sales down due to low railway volume, says IOC’s Sandeep Kumar Gupta

videos | Feb 3, 2021 1:02 PM IST

Diesel sales down due to low railway volume, says IOC’s Sandeep Kumar Gupta

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Diesel sales pulled down majorly due to lower railway volume, said Sandeep Kumar Gupta, Director of Finance at Indian Oil Corporation (IOC), on Wednesday.

Diesel sales pulled down majorly due to lower railway volume, said Sandeep Kumar Gupta, Director of Finance at Indian Oil Corporation (IOC), on Wednesday.

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Speaking in an interview with CNBC-TV18, Gupta said, “We are seeing smart recovery in gasoline and demand has been robust. Our diesel sales are pulled down mainly because of railways and State Transport Corporation lower volumes. However, we hope that with the recovery in economy and vaccination drive the demand will be robust in the coming months and we will soon require sales.”
Refining margins will be under pressure till the time global economy improves, he said. “We are sailing through because of robust margins on petrochemicals and other margins.”
On the expansion front, Gupta said, “Our Barauni refinery is expanded to 9 million tonne from 6 million tonne; the project was approved last year. A few months back we unveiled our plans for expansion of Gujarat refinery from 13.7 million tonne to 18 million tonne with a lot of integration of lube and petrochemicals and now the board has approved a joint venture project of putting up a 9 million refinery at Nagapattinam with subsidiary Chennai Petroleum Corporation (CPCL) with each IOC and CPCL holding 25 percent and for balance 50 percent we are looking at financial strategic partner.”
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