OIL & GAS

New Covid surge may upend fuel demand recovery

Rising coronavirus infections, prompting a slew of local lockdowns across the country, are threatening to slow recovery in fuel demand as stronger containment measures will hit economic activity, officials said on Monday.

After Maharashtra, Delhi and Rajasthan have imposed limited period lockdowns, which will impact travel and business activity. Other states have implemented curfews at different times of the day and of varying durations.

“The first casualty of such measures is mobility and a resultant fuel consumption,” a senior official at a public sector oil marketing company said.

A record 2,73,810 coronavirus infections on Monday pushed overall cases to more than 1.5 crore, making India the second-worst affected nation after the US, which has reported more than 3.1 crore infections. India’s deaths from Covid-19 rose by a record 1,619 to nearly 1.8 lakh.

Diesel, petrol, jet fuel and LPG demand all declined in the first half of April from a month earlier and the trend is likely to worsen in the second half with more states imposing restrictions.

Source
Times Of India
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