- This suggests destocking by refiners, not a fall in underlying oil demand.
- A surge in crude prices during the past few months and less production from refiners has added pressure on prices.
- India has gradually been allowing the price of petrol to rise but price caps have hit state-run refiners.
- Refiners often find themselves in a real crunch to try to push moren and more product through existing units.
- For refiners, it means export profits foregone for the sake of keeping domestic supplies steady.
- Still, refiners have been adding more gasoline supplies to storage tanks and pipelines.