Covid-19 sparks gas boom in India with oil refiners at full tilt
India’s plants are returning to full capacity before the disease is gone.
(Bloomberg)Premium
. Updated: 17 Dec 2020, 05:32 AM IST Bloomberg
Three state-run processors including Indian Oil Corp. are currently operating at close to 100% capacity or higher
The situation in the world’s No. 2 oil market follows a full rebound in top consumer China
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India hasn’t put the pandemic behind it, but its oil refineries have.
Three state-run processors including Indian Oil Corp., the nation’s top refiner, are currently operating at close to 100% capacity or higher, according to people with knowledge of the matter. Behind the recovery is strong demand for gasoline and liquefied petroleum gas as many opt to drive their own cars over taking public transport and cook at home to avoid restaurants.
Indian Oil, other refiners put Covid behind, operating at full tilt amid gas boom
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Pandemic-led fuel boom lifts India refiner runs to full tilt
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Annual demand for diesel saw a temporary rise in October ahead of the festival season
The country s diesel sales fell 5.2 per cent in the first half of December year-on-year, preliminary data from state-run fuel retailers showed on Wednesday, signalling that industrial growth in Asia s third-largest economy has not yet reached pre-COVID-19 levels. Diesel consumption, a key parameter linked to economic growth and which accounts for about 40 per cent of overall refined fuel sales in India, fell to 2.8 million tonnes in the first half of the month. Growth in India s services and manufacturing industries lost some momentum last month as coronavirus fears weighed on demand and output, prompting firms to cut jobs for the eighth month in a row, two separate private surveys showed.