Fuel sales may reach normal level by July: N Vijayagopal, director-finance, BPCL

State-run oil refiner-cum-marketer BPCL suffered both high inventory and forex losses in Q4FY20 amid a gloomy demand scenario. While the lockdown hit sales hard in April, there has been a steady improvement in demand for auto fuels since early May. N Vijayagopal, director-finance at BPCL, told Vikas Srivastava the company expects sales to reach normal levels by July, with the progressive easing of the lockdown. Excerpts:

Was the inventory loss for Q4FY20 an impact of 6-7 days’ lockdown or was it already in the making?

Our industry has a certain working capital cycle. We have to contract for buying crude oil, that has to be voyaged for 7-21 days depending on the destinations.