Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

India set for record oil demand on recovery from Covid washout


Date: 04-03-2021
Subject: India set for record oil demand on recovery from Covid washout
NEW DELHI: India, once the center of global oil demand growth, expects its fuel consumption to bounce back during the coming year as the nation recoups the losses caused by Covid-19. 

Demand for gasoline, diesel and other fuels will reach a record 215.24 million tons in the 12 months through March 2022, according to estimates by the Petroleum Planning and Analysis Cell of the oil ministry. That’s almost a 10% rebound from the current year, which has been hit hard by the virus. 

At one stage last year, India’s fuel consumption plunged by as much as 70%, led by the world’s biggest lockdown. The measures forced a sharp reduction in crude processing and imports, and helped drive a slump in international oil prices. 

On Thursday, the Organization of Petroleum Exporting Countries (Opec) and allied nations will discuss how much crude to pump, and India is urging them to open the taps. 

The world’s No. 3 oil importer and consumer expects strong demand for transport and industrial fuels to drive next year’s rebound. 

Consumption of diesel -- an economic barometer and the country’s most-used fuel -- will grow by more than 13%, as will demand for gasoline. Overall fuel demand in the current financial year, which runs to March 31, is expected to fall 8.5%. 

India’s economy pulled itself out of recession last quarter, helped by a boost in government spending and the reopening of an economy that’s mainly driven by domestic consumption. It was one of the few major economies to post growth in the final three months of 2020. 

A trend for more commuters to use personal cars -- instead of buses, trains and other modes of public transport -- is expected to drive India’s demand for gasoline. 

Demand for aviation fuel, which suffered the biggest blow, is estimated to grow more than 74% during 2021-22, but will remain a little lower than the pre-pandemic year.

Source:-timesofindia.indiatimes.com

Infodrive India Pvt Ltd

Delhi :
  F-19, Pocket F, Okhla Phase-I
      Okhla Industrial Area

      New Delhi- 110020
   011 - 40703001

Kolkata :
  5th Floor Stesalit Towers,
      E-2-3, EP & GP Block,

      Sector-V, Salt Lake City,
      Kolkata-700 091
   033 - 71177191

INFODRIVE INDIA Copyright © 1996-2021 InfodriveIndia. All Rights Reserved.
Please read our Terms of Use and Privacy Policy before you use.

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+