Fitch expects marketing, refining volume of oil firms to fall 15% in FY21
NEW DELHI: With coronavirus lockdowns pummelling fuel demand in India, Fitch Ratings expects the marketing and refining volume of state-owned oil firms to fall by more than 15 per cent in the current fiscal year before a gradual recovery in 2021-22.
“Pent-up demand and the upcoming festival season may support fuel sales in 3QFY21 (October-December), but a sustainable recovery would be subject to risks from the continuing spread of the coronavirus hindering mobility and economic activity,” Fitch said in a note.
