India’s finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices. A doubling in the price of crude oil over the past 10 months has contributed to record fuel prices at gas stations in India. Retail prices of petrol and diesel are hovering near Rs […]
The Organization for Economic Development (OECD) predicts that while global GDP should rise by around 4.25 per cent by the end of 2021, national bounce-back could be uneven. In its December Economic Outlook, the OECD observes that it is the countries with effective track and trace systems and rapid deployment of vaccines which will perform […]
Despite disruptions in commercial activities due to the COVID-19 crisis, sales of motor spirit and diesel have increased during 2020, which indicates a revival of the economy, Indian Oil Corporation (IOC) said last week. During 2020, sales of motor spirit have increased by 108 per cent and diesel by 96 per cent over the previous year, […]
Fuel sale in the country is coming back to normal which also shows the reflection of normalcy in economy, according to Indian Oil Corporation. In Maharashtra, the sale is yet to reach the pre-COVID situation and the deficit in diesel sale is still around 12 per cent, Executive Director and Maharashtra State head of Indian […]
India will see a massive $ 66 billion investment in the building of gas infrastructure as the government pushes for greater use of the cleaner fuel with a view to cutting down carbon emissions, Oil Minister Dharmendra Pradhan said at the KPMG India’s annual energy conclave ENRich 2020. The government is targeting raising the share […]
India’s diesel sales fell 5 per cent in the first half of November when compared with the previous year, industry data showed, after rising for the first time in eight months in October. Sale of diesel, the most used fuel in the country, was, however, 7 per cent higher month-on-month. Between November 1 and 15, […]
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 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 […]
Fuel demand in India, the world’s third-largest oil importer and third-largest oil consumer, is set to rebound to pre-crisis levels by the end of September, Oil and Petroleum Minister Dharmendra Pradhan said at the virtual Bloomberg-NEF Summit in New Delhi. India’s fuel sales in June reached 88 per cent of the pre-COVID-19 levels as easing of lockdown […]
India’s fuel consumption slumped by over 66 per cent in April 2020 as a nationwide lockdown halted economic activity and travel. The demand for fuel has just about evaporated. Petrol and diesel demand is down 66 per cent in April, while aviation turbine fuel (ATF) consumption has collapsed by 90 per cent as most airlines […]
