Second Covid wave hammers India’s fuel demand in April – Times of India

Second Covid wave hammers India’s fuel demand in April – Times of India [ad_1]

NEW DELHI: India’s diesel consumption in April fell 10% and petrol 4% from the identical month of 2019, the pre-pandemic yr with ‘normal’ offtake, as a virulent second wave of Covid-19 infections hammers the world’s third-largest oil shopper.
A comparability with April 2020 is redundant because the nationwide lockdown, the world’s harshest, had erased 70% of demand. But a month-on-month comparability of information reveals April diesel gross sales down practically 2% from March, when consumption had jumped 10% from February to 95% of the pre-pandemic degree. Petrol consumption noticed a sharper fall at 6% in April from a month in the past, when gross sales had posted 11% month-to-month leap to high the pre-pandemic degree by 5%.
An early restoration in demand seems difficult at this level as main cities throughout states are being locked down or put underneath weekend curfew to verify the virulent unfold of the virus. This has impacted the motion of folks and items as work-from-residence levels a significant comeback and other people desire to remain put. The drop in diesel demand, a proxy for financial actions, notably displays the influence of Covid curbs on manufacturing and mission actions in addition to interstate passenger motion. All have a bearing on diesel demand.
Jet fuel gross sales have tanked 39% in April from the identical month of 2019 and greater than 11% from March, when gross sales had posted some positive aspects to achieve 35% quick of the pre-pandemic degree. This means the woes of airways are usually not going away anytime quickly.
Anticipating additional loss of demand, main state-run refiners are taking a look at exporting fuels to the US and Europe, the place consumption is seen bouncing again on the power of mass vaccinations.
Demand for LPG, or family cooking gasoline that’s largely imported, additionally dipped by nearly 4% from a month in the past, whereas coming down a fraction from April 2019. In March too, LPG consumption had proven marginal progress over the identical interval of 2019 and edged just one.3% up from the identical month of 2020.
This is in sharp distinction to the lockdown interval of 2020 when LPG was the one fuel to have posted sustained progress as households remained confined inside their properties, resulting in extra cooking. The authorities’s supply of free LPG cylinders supplied to poor households underneath the Ujjwala scheme additionally contributed to the expansion.

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