India’s oil demand on the mend after plunging by nearly half
Fuel consumption in India is showing signs of rebounding after witnessing the worst monthly sales in more than 12 years.
Demand in May will be as much as 25% higher than April as planting season begins, requiring tractors and water pumps to burn more diesel, and the easing of the world’s biggest lockdown brings more trucks back to the road, according to officials at two state-owned refineries. Demand for jet fuel should benefit as India is considering resumption of some domestic flights from May 18, or even earlier.
The world’s third-biggest oil importer saw demand crater after the government ordered its 1.3 billion people to stay home from March 25 to curb the spread of coronavirus. April consumption fell by half from the previous year to the lowest level since 2007, according to official data released Monday.
