Oil refineries curtail production by 17 percent

Oil refineries have curtailed production by 17 percent due to a decrease in margin. According to a report of Investment CAP, margin on kerosene oil and high speed diesel lowered by 16 and 13 basis points respectively from July to December. While, only 15 percent decrease was seen in crude oil in international market. Change in price determining formula has also put negative impact on the sector. Production capability of oil refineries remained 61 percent.