How long will it take for petrol demand to bounce back? IOC may have a clue

Indian Oil Corp, the country’s top refiner, expects local demand for gasoline and gasoil to reach pre-pandemic levels in the first half of next fiscal year beginning April 2021, Chairman SM Vaidya said on Monday.

India, the world’s third-biggest oil importer and consumer, has experienced a sharp decline in its fuel demand, mirroring a global trend following the coronavirus outbreak.

India’s fuel demand in August slipped further and saw its biggest monthly decline since April, while petroleum consumption during April-July witnessed a weak growth of nearly 22.5%.

However, Vaidya said at the virtual Asia Pacific Petroleum Conference that a recent uptick in local sales of automobiles, including tractors, and the forthcoming festive season may lift fuel demand towards the pre-Covid-19 levels by the end of this year.

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