Petrol, diesel prices may rise further; IOC says demand recovery faster than anticipated
NEW DELHI : Indian Oil Corporation Ltd (IOC), the country’s largest fuel retailer on Wednesday said that transportation fuel prices may continue to go up due to international crude oil prices being on an upswing.
IOC, also the country’s largest refiner said that demand recovery has been faster than anticipated, and its capacity utilization, which had shrunk to around 35% at the beginning of the coronavirus lockdown is expected to run at full capacity by June end.
The Indian economy is attempting a gradual return to normal after the lockdown. India’s power and overall energy demand, which had nosedived, is also slowly returning to its pre-lockdown levels. Consumption of energy—especially electricity and refinery products—is typically linked to overall demand in an economy.
