• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 5 hours Sources confirm Trump to sign two new Executive orders.
  • 46 mins CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 10 hours Why Wind is pitiful for most regions on earth
  • 3 hours In a Nutshell...
  • 4 hours No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 21 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 9 hours A Real Reality Check on "Green Hydrogen"
  • 13 hours Why Oil could hit $100
  • 6 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 3 days Joe Biden to black radio host, "If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 51 mins Putin Paid Militants to Kill US Troops
  • 2 days Coronavirus hype biggest political hoax in history

India Sees Fuel Demand Reaching Pre-Virus Levels In June

India’s fuel demand, which had crashed by 60 percent during the early days of its two-month lockdown, is set to reach pre-coronavirus levels in June, Indian Oil Minister Dharmendra Pradhan told Times of India over the weekend.  

In May, demand for fuel in the world’s third-largest oil importer is back at 65 percent compared to May 2020, “and will reach pre-Corona level in June,” Pradhan told TOI.

After the easing of the lockdown in India, two-wheelers and small cars will remain an affordable option for maintaining social distancing, thus boosting demand for gasoline, according to the minister. Higher vehicle traffic, farm-sector activities, and the resumption of train service and flights will raise demand for diesel and jet fuel, Pradhan told TOI.

Last week, Indian oil industry executives told Bloomberg that crude oil demand in India would take longer to recover than many hope for as the country braces for the worst recession in its history after a two-month lockdown.

In April, gasoline and diesel demand in India was said to have crashed by around 60 percent year on year.

But this month, India’s fuel demand has picked up pace from the April lows, and Indian Oil Corporation (IOC), the country’s biggest refiner and fuel retailer, is gradually boosting operations across its refineries and aims to raise utilization to 80 percent by the end of May, compared to 45 percent in early April.

Indian Oil’s refineries operated at around 60 percent of their design capacities in early May, while plans were to boost those utilization rates to about 80 percent of capacity by the end of this month, the company said in a statement on May 11.

The litmus test for demand recovery after a lockdown—China—is showing signs of rebound, according to IHS Markit. In April, China’s oil demand reached 89 percent of the demand from April last year, while oil demand is expected to reach 92 percent of the prior-year level in May, the consultancy said.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News