NEW DELHI: India’s petroleum product demand to stay moderately strong in the fourth quarter of FY22 as easing of COVID-related curbs boosts economic activity, says Fitch Ratings. The rating agency, however, mentioned that recovery expectations remain subject to further restrictions due to the risk of a resurgence of COVID cases in India with the emergence of new variants.
“We expect the economic recovery to support higher throughput at Indian oil marketing companies – Hindustan Petroleum Corporation Limited, Indian Oil Corporation Ltd and Bharat Petroleum Corporation Limited – and at refineries, such as, HPCL-Mittal Energy Limited,” said the rating agency.
