Fuel demand drops 20 percent amid turmoil in crude oil

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New Delhi, Apr 10 Apr 2020, Friday

Over the past month, overnight fuel demand has dropped by 5 percent following the implementation of domestic lockdown amid widespread turmoil in the international market amid various activities.

According to a study of India ratings on fuel consumption in the country, the demand for overall fuel was down 5 percent in March last year due to corona epidemic and lockdown. Capacity utilization levels were reduced by 5% during the proposed period.

Demand for petrol-diesel was falling due to the lockdown that prevented people from leaving the house and impeding transportation. On the other hand, the demand for ATFs was curtailed by the ban on local air services. However, due to the lockdown, the demand for fuel was also reduced at the industrial level.

According to the study, oil refineries are likely to increase their operating costs by two to two and a half dollars per barrel in the next period due to the low utilization rate.

According to the report, even if the lockdown is extended or completed, adverse weather conditions on different fronts will take two to three months to overturn in a favorable environment. Thus, fuel demand in this state is likely to decline by 5 percent in the current April.

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