Feb 22, 2012:

NEW DELHI –  India's refinery runs in January fell 2% from the previous month as demand for refined fuel products slackened due to weak economic growth, government data showed Wednesday. Crude throughput at 19 refineries from where the government has data fell to 14.53 million tons, or 3.44 million barrels a day, in January from 14.82 million tons, or 3.51 million barrels a day, in December. The data exclude the output at the second of Reliance Industries Ltd.'s (500325.BY) two refineries at Jamnagar in Gujarat state, which can process 580,000 barrels of crude a day.

January crude throughput, which declined 5% from the year-earlier period, however came ahead of the government target of 14.25 million tons. India's factory output rose 1.8% from a year earlier in December, slowing from a 5.9% increase in November, as high interest rates and weaker global conditions continued to hurt the economy.

On Wednesday, a top government advisory panel cut its forecast for India's economic growth in the current fiscal year to 7.1% from the previous estimate of 8.2%, underscoring a sharp slowdown in Asia's third largest economy. India's fuel product consumption in January fell 7% on month to 12.15 million tons.

Output at Reliance Industries' 660,000-barrel-a-day first refinery rose 3% from the previous month to 2.94 million tons, the data showed. Throughput at Indian Oil Corp. (530965.BY), the country's largest refiner by capacity, fell 6% on month to 4.64 million tons, the government statement said. Overall capacity utilization at refineries last month was 106.7%, compared with 108.8% in December.

By Dow Jones Newswires