POWER

World’s fastest growing oil market shows uneven recovery after lockdown ends

The world’s fastest-growing oil market is showing an uneven recovery two months after easing demand-destroying virus-control measures.

Provisional fuel sales in June had climbed within 88% of 2019 levels from less than half in April in the midst of the world’s biggest lockdown, the oil ministry said citing sales of the three major state-owned retailers. But diesel and petrol, typically the two most-sold fuels and proxies for the nation’s economic health, lagged that mark, while sales of cooking gas surged.

The June data “comes in the backdrop of Indian economy gradually getting momentum with the ease of lockdown restrictions and revival of economic activities that are slowly getting back on track,” the oil ministry said in a statement.

The figures represent sales by three state-owned oil refiners and retailers Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp., which together control about 90% of the country’s petroleum fuels market.

Source
hindustan times
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