India’s Covid Crisis Saps Fuel Demand in Warning to Oil Recovery
Bloomberg 1 hr ago Debjit Chakraborty and Saket Sundria
(Bloomberg) India’s deadly second Covid-19 wave has brought an abrupt halt to its nascent recovery from the pandemic, with the resurgence expected to drag on fuel demand for weeks in a setback for the global oil market.
The combined consumption of diesel and gasoline in April is poised to plunge by as much as 20% from a month earlier due to renewed restrictions, including a week-long lockdown in the capital New Delhi, according to officials from top refiners and fuel retailers. While major oil processors were still buying crude recently, there are signs starting to emerge that refining operations will likely need to be scaled back to adjust for plummeting demand.
Oil Demand to Buckle in India
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Oil demand to buckle in India as Coronavirus resurgence wreaks havoc
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Maharashtra lockdown news live: Essential shops to shut by 1pm in Solapur city
Maharashtra reported 67,123 new Covid-19 cases on Saturday, the highest-ever for a day since the outbreak of the pandemic in March last year. She state also reported a surge in fatalities, with 419 deaths, the highest in nearly 200 days since October 2, when 424 deaths were recorded. It was the first time in months that the deaths crossed the 400 mark. The total caseload in the state reached 37.7 lakh and deaths touched 59,970. In Mumbai, cases continued to be under 9,000 for the third consecutive day with 8811 detections on Saturday. Deaths in the city were high at 51, taking the toll since March 2020 to 12,301. The tally has so far reached 5.7 lakh. Stay with TOI for all updates:
Truckers on Tuesday said that fresh restrictions imposed in Maharashtra to contain the surge in coronavirus cases is a setback for the sector which could incur daily losses of Rs 315 crore owing an expected decline in demand for trucks. Truckers have also pitched for relief measures such as waiver of state taxes, permits and fitness fees, and deferment on EMIs to deal with financial stress. Due to night curfew and entry restrictions, there will be delay in movement of essential commodities and in many cases may lead to expiry of e-way bill, thereby attracting hefty penalties, Bal Malkit Singh, Chairman, Core Committee and former President of All India Motor Transport Congress said in a statement.