 "Indian Oil Corp, iocl")
Weeks after the coronavirus lockdown led to fuel sales nosediving to record lows, Indian Oil Corp (IOC), the nation's largest oil firm, sees demand returning with the resumption of economic activities.
The company said though it is on track to spend the approved capital expenditure for 2020-21, it has "critically examined all capex proposals for rationalisation of cost and time frame." "The company is also conscious of the costs and has also undertaken rationalisation measures in this direction," it said without giving details.
Fuel sales had dropped in April after Prime Minister Narendra Modi announced a nationwide lockdown to control the spread
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