India’s oil industry struggles to predict demand recovery in pandemic
Indian energy demand is taking a big hit as Covid-19 runs rampant across the country. But uncertainty around when the virus wave will subside and the lack of a unified government response has left the oil industry in the dark as to how quickly consumption might pick up again.
The demand destruction over the last couple of months has been less severe than last year, when the government imposed the world’s biggest national lockdown. However, the lack of a coordinated effort to shut down activity to halt the virus’s spread will likely lead to a longer, although less pronounced, economic slump.
Read more about India s oil industry struggles to predict demand recovery in pandemic on Business Standard. Diesel and gasoline, which account for more than half of oil consumption in India, are bearing the brunt of lockdowns.
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MUMBAI: Petrol price in Thane and Navi Mumbai have crossed the Rs 100-mark and is retailing at Rs 100.06 per litre. Diesel price is also at a record high of Rs 91.99 per litre.
Petrol price in Mumbai was also six paise shy of Rs 100 a litre on Thursday. It was retailing at Rs 99.94 a litre in the morning. Diesel too is at a new high price of Rs 91.87 per litre.
Activists have demanded that both Centre and state should rollback excise duty and VAT to some extent in order to give relief to consumers and bring down prices. The highest price of petrol in the state was in Parbhani where it was retailing at Rs 102.30 per litre on Tuesday. The highest diesel rate is Rs 93.34 in Amravati district.
by Bloomberg
|Thursday, May 27, 2021
Indian energy demand is taking a big hit as Covid-19 runs rampant across the country.
(Bloomberg) Indian energy demand is taking a big hit as Covid-19 runs rampant across the country. But uncertainty around when the virus wave will subside and the lack of a unified government response has left the oil industry in the dark as to how quickly consumption might pick up again.
The demand destruction over the last couple of months has been less severe than last year, when the government imposed the world’s biggest national lockdown. However, the lack of a coordinated effort to shut down activity to halt the virus’s spread will likely lead to a longer, although less pronounced, economic slump.