Fitch Solutions has revised downward its forecast for fuel demand contraction in India to 11.5 per cent in 2020 in line with further deterioration in the country’s economic outlook. Its economists forecast India’s real GDP to contract by 8.6 per cent in the fiscal year 2020-21 (April 2020 to March 2021), down from -4.5 per cent previously. […]
India’s petrol sales rose for the first time in the first half of September since the country’s lockdown in late March, indicating demand may have returned to pre-COVID-19 levels. Petrol sales between September 1 and 15 rose 2.2 per cent year-on-year and were up 7 per cent over the previous month, according to preliminary industry […]
India’s fuel demand in August 2020 saw its biggest decline since April this year, as local lockdowns put brakes on economic activity and transportation, official data showed. Petroleum product sales fell to 14.39 million tonnes last month in August, down by 7.5 per cent over the previous month and about 16 per cent from a year […]
India’s consumption of diesel in August 2020 was 12 per cent lower than the levels recorded in July 2020, indicating a definite slowdown of economy as lockdown curbs in many areas has slowed industrial and commercial consumption. On a year-on-year basis, diesel consumption was down 20.7 per cent to 4.9 million tonnes in August. Diesel […]
India’s oil products demand is set to slump to a five-year low this financial year, with a bleak outlook for diesel consumption as the nation’s truck operators idle vehicles and consider cutting the size of their fleets, says a Bloomberg report. About half of India’s trucks are parked up without work and the nation’s biggest […]
Oil marketing companies increased the price of petrol for third consecutive day last week on Saturday, taking petrol prices in Mumbai to Rs 88.02 a litre. This was sixth time that the fuel price was raised in seven days. In Delhi, petrol was Rs 81.35 a litre. Diesel prices, however, continued to remain steady for 23 days […]
State-owned gas utility GAIL India Ltd sees its gas demand returning to pre-COVID-19 levels by the end of the current quarter as the expansion of the city gas network will offset shrinking consumption. its Director (Marketing) E S Ranganathan said in an online forum. GAIL, the country’s largest natural gas marketing and transporting company, sold about 113 […]
Sales tax revenue for states on petroleum products will grow by up to 9 per cent in FY21 despite the impact of the COVID-19 pandemic, said a CRISIL report. The rise will be primarily driven by a rebound in volumes with the economic recovery after sharp fall in the initial months, benefits of the increase […]
India’s fuel demand dragged lower in July, posting its fifth consecutive year-on-year decline, government data showed on Tuesday as a spike in coronavirus cases and floods in many parts of the country restricted economic activity. Consumption of refined fuels, a proxy for oil demand, fell to 15.68 million tonnes in July, 11.7 per cent lower compared with […]
Domestic refiners — both state-owned and private sector — are initiating annual maintenance shutdowns for their refining capacities. The shutdown coincides with dwindling demand for petroleum products, after a strong revival in May and June. Reliance Industries (RIL), Bharat Petroleum Corporation (BPCL), and Indian Oil Corporation (IOC) have all undertaken a maintenance shutdown in the […]
