Rise in fuel sales in 2020 shows signs of economic recovery, says Indian Oil Corporation

Despite disruptions in commercial activities due to the Covid-19 crisis, sales of motor spirit and diesel have increased during 2020, which indicates a revival of the economy, an official of Indian Oil Corporation (IOC) said on Friday.

During 2020, sales of motor spirit have increased by 108 per cent and diesel by 96 per cent over the previous year, IOC director (marketing) Gurmeet Singh said.

“This shows the healthy signs of an economic revival,” he said at an event in Bhubaneswar in the presence of petroleum and natural gas minister Dharmendra Pradhan.

IOC chairman S M Vaidya said domestic LPG demand increased by 10 per cent during the lockdown months in the country.

He said 2020 was a year of digitalisation at the state-run oil marketing company, which had helped it achieve seamless business continuity.