In a twist, India’s new strategic oil reserves will be privately run
May 14, 2021
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The PPP mode aims to leverage private sector resources in construction and operation with some financial support from the government
A private firm or consortium will run the two new underground crude oil storage facilities planned in Odisha and Karnataka in a move that discards an earlier plan by the government to build these reserves through the public sector Indian Strategic Petroleum Reserves Limited (ISPRL).
The government has decided to more than double the country’s strategic crude oil reserves to 11.83 million tonnes (mt) from 5.33 mt to boost crude oil availability during oil shortage events. The two strategic reserves can hold 47.8 million barrels of crude.
By Swati Verma (Reuters) - India s April fuel demand slipped from the previous month as the world s third largest oil consumer bore the brunt of raging coronavirus infections, with the prospect of further restrictions weighing on the outlook. Consumption of fuel, a proxy for oil demand, fell 9.4% to 17.01 million tonnes from March, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed on Tuesday. On a yearly basis, demand surged 81.5% from April 2020 lows, when consumption plunged to the lowest since 2006 as coronavirus restrictions during India s first wave battered the economy. This represents the biggest year-on-year increase since data going back to about 1999.
Petrol sales fell 13.1 per cent to 2.38 million tonnes in April- the lowest level since August 2020, and were 145 per cent higher compared with same period a year ago.
Indian April fuel demand dips, coronavirus wave clouds outlook
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Last Updated: May 11, 2021, 11:12 PM IST
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Synopsis
Consumption of fuel, a proxy for oil demand, fell 9.4% to 17.01 million tonnes from March, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed on Tuesday.
Agencies
Fuel demand had reached pre-pandemic levels of around 18.8 million tonnes in March, the highest level since end-2019.
India s April fuel demand slipped from the previous month as the world s third largest oil consumer bore the brunt of raging coronavirus infections, with the prospect of further restrictions weighing on the outlook.
UPDATE 1-Indian April fuel demand dips, coronavirus wave clouds outlook reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.