Despite low fuel consumption in the fiscal ended March 31, the net profit of three public sector oil companies zoomed past Rs 50,000 crore.
According to data, the country’s fuel demand contracted by 9.1% in 2020-21 amid the lockdowns imposed to combat the spread of Covid. As per data compiled by the Oil Ministry’s Petroleum Planning and Analysis Cell, India consumed 19.46 crore tonne of petroleum products in 2020-21 as compared to 21.41 crore tonne in the previous year.
