Gasoline sales in India returned to pre-pandemic levels in October 2020 before a second deadly wave of infections began to hit fuel demand in April. The increase in fuel sales in India, the world’s third largest importer and consumer of oil, is a positive development for global oil markets.
The Organization of the Petroleum Exporting Countries said on Thursday it expects global oil demand to rise next year to levels seen before the pandemic, driven by demand growth in the United States. , in China and India.
With states easing restrictions after infections drop, motorists have flocked to tourist destinations and markets, leading Indian Prime Minister Narendra Modi to warn of overcrowding. This week, the Home Office called on officials across the country to enforce social distancing and tackle overcrowding at tourist sites.
Diesel sales, which account for about two-fifths of India’s overall refined fuel consumption and are directly linked to industrial activity in Asia’s third-largest economy, were about 10.7% lower than those from the same period of 2019, according to data.
India hopes its fuel demand will return to pre-pandemic levels by the end of this year. The state-run Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp Ltd own about 90% of the nation’s retail fuel outlets.