India’s gasoline demand has been recovering from the lows seen in April with a gradual decide up within the industrial and financial exercise after the lockdown was eased.
Local gasoline demand in India has virtually reached pre-COVID ranges
Indian Oil Corp, the nation’s prime refiner, operated of its 9 crops in November at 100% capability for the primary time since February, to satisfy rising native gasoline demand, it stated in an announcement on Thursday. IOC beforehand operated its directly-owned crops at full capability forward of a nationwide lockdown enforced from late March to fight the COVID-19 pandemic. India’s gasoline demand has been recovering from the lows seen in April with a gradual decide up within the industrial and financial exercise after the lockdown was eased.
Along with its subsidiary Chennai Petroleum Corp, IOC controls a couple of third of the 5 million barrels per day refining capability in India, the place gasoline demand in October rose by 2.5%, its first year-on-year rise in eight months.
Local gasoline demand – a proxy for oil consumption – in India has virtually reached pre-COVID ranges, IOC stated.
The refiner operated its crops at about 88% in October and at 99% in November final yr, it stated.
“As we get closer to the COVID-19 vaccine roll-out, the fundamentals of the economy being strong, we see a rapid V-shaped recovery in the overall consumption of petroleum products,” stated S.M. Vaidya, chairman of IOC.
“All our project sites too are witnessing a revival in terms of construction activities,” he stated.
IOC, additionally the nation’s largest gasoline retailer, in November offered 1.06 million tonnes of gasoline, 4% larger than similar month final yr, and gross sales of cooking gasoline rose by about 1.4% to 1.09 million tonnes.
However, the corporate’s diesel gross sales final month had been 9% decrease that earlier yr, whereas jet gasoline was down by about 45% as air journey restrictions continued. Sales of diesel and jet gasoline in November rose by 2% and 4% from October.