Vaccine roll-out points to more certain recovery in 2021, says IOC chairman

The country's largest fuel retailer Indian Oil Corporation is seeing demand recovery at a time when product prices have hit historic highs. In an interview with Jyoti Mukul & Twesh Mishra, its chairman Shrikant Madhav Vaidya discusses the outlook for the petroleum industry amidst global oil supply cuts. Edited Excerpts: 

With the oil price rising again, what is the impact on your margins?

The crude prices are rising, but refining margins are influenced by product cracks. The product cracks are yet to recover fully. Just to give an example, petrol cracks which is normally around $7 a barrel was in