OIL & GAS

Domestic fuel demand rebounds as Covid lockdown restrictions ease

Domestic fuel sales by India’s state refiners recovered in the first half of June, as the world’s third-largest oil consumer started easing lockdown restrictions, though were still lower than year-ago levels, preliminary data showed on Wednesday.

Petrol sales during June 1-15 jumped 13% and diesel sales rose 12%, compared with the same period last month, data compiled by the state refiners showed. India’s fuel demand in May slumped to its lowest since last August with a second COVID-19 wave stalling mobility and muting economic activity in the Asian country.

However, the data showed that sales of petrol fell 3.5% and diesel declined 7.5% in the first half of June, when compared with the same period last year.

State companies – Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp Ltd – own about 90% ofIndia’s retail fuel outlets.

Source
India Today
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