Tag: Fuel demand

Business

India’s Covid disaster saps gasoline demand in warning to grease restoration, Authorities Information, ET Authorities

India’s lethal second Covid-19 wave has introduced an abrupt halt to its nascent restoration from the pandemic, with the resurgence anticipated to pull on fuel demand for weeks in a setback for the worldwide oil market.The mixed consumption of diesel and petrol in April is poised to plunge by as a lot as 20% from a month earlier as a result of renewed restrictions, together with a week-long lockdown within the capital New Delhi, in keeping with officers from prime refiners and gasoline retailers. Whereas main oil processors had been nonetheless shopping for crude just lately, there are indicators beginning to emerge that refining operations will probably have to be scaled again to regulate for plummeting demand.“Given the grim scenario, it’s probably that the lockdowns may very well be in ...