Domestic sales of gasoline and diesel by Indian state refiners plunged by a fifth in the first half of May from a month earlier as lockdowns to curb coronavirus infections hit industrial activities and consumption, preliminary data showed on Monday. Gasoline and diesel sales over May 1-15 fell by about 20 per cent, while jet fuel consumption slumped by nearly 38 per cent, versus April 1-15 levels, the data compiled by the state refiners showed. Trucking activity is almost half of what it used to be in normal times, SP Singh, senior fellow at Indian Foundation of Transport Research & Training, said. Most of the business that they were getting from small and medium business has been hit due to lockdowns, Singh said, adding only a fraction of 5.5 million trucks is currently running on roads due to lockdowns.
IndiaFuel demand in COVID-hit India plunges in May - data
Nidhi Verma
3 minute read
Domestic sales of gasoline and diesel by Indian state refiners plunged by a fifth in the first half of May from a month earlier as lockdowns to curb coronavirus infections hit industrial activities and consumption, preliminary data showed on Monday.
Gasoline and diesel sales over May 1-15 fell by about 20%, while jet fuel consumption slumped by nearly 38%, versus April 1-15 levels, the data compiled by the state refiners showed. Trucking activity is almost half of what it used to be in normal times, SP Singh, senior fellow at Indian Foundation of Transport Research & Training, said.
By Krystal Chia and Debjit Chakraborty (Bloomberg)
India’s devastating Covid-19 crisis is threatening operations at some of its biggest ports, raising concern the action could trigger shipping delays that reverberate through global supply chains.
Karaikal Port in southern India invoked force majeure until May 24 after operations were “severely affected” from the pandemic, according to a notice on its website. The terminal, which claims to be India’s biggest non-state port, handles coal, sugar and petroleum among other commodities. Gopalpur port in Odisha has also declared force majeure, according to IHS Markit.
The situation may echo global trade disruptions seen last year after virus restrictions slowed shipments into China. While India accounts for only fraction of the global trade that China does, any delays in offloading vessels and releasing them to their next destination could create supply chain bottlenecks.
Fuel demand in COVID-hit India plunges in May - data 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.
Read more about India s Covid crisis hits work at ports as risk to global trade grows on Business Standard. The situation may echo global trade disruptions seen last year after virus restrictions slowed shipments into China