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| India's fuel demand remains firm as Asia grapples with Covid | India's fuel demand remains firm as Asia grapples with Covid |
| (2 months later) | |
| India’s fuel consumption recovery was a rare bright data point in the first half of August, while China, Japan, and Southeast Asia are struggling to contain a Covid resurgence. | India’s fuel consumption recovery was a rare bright data point in the first half of August, while China, Japan, and Southeast Asia are struggling to contain a Covid resurgence. |
| India’s gasoline sales rose by 3.7% in the first two weeks of August compared to the same period of the pre-pandemic 2019, Bloomberg reported on Tuesday, citing preliminary data from the three largest fuel retailers in the country. Sales of diesel—the most used fuel in India—were down by 8% compared to 2019, but still higher than in July 2021, when diesel consumption had declined by 11%, according to the data obtained by Bloomberg. | India’s gasoline sales rose by 3.7% in the first two weeks of August compared to the same period of the pre-pandemic 2019, Bloomberg reported on Tuesday, citing preliminary data from the three largest fuel retailers in the country. Sales of diesel—the most used fuel in India—were down by 8% compared to 2019, but still higher than in July 2021, when diesel consumption had declined by 11%, according to the data obtained by Bloomberg. |
| India’s fuel demand plunged earlier this year when the world’s third-largest crude oil importer was swept by an overwhelming Covid wave between March and May. Gasoline sales in early May were down to a one-year low, and diesel consumption dropped to the lowest in seven months in the first two weeks of May. | India’s fuel demand plunged earlier this year when the world’s third-largest crude oil importer was swept by an overwhelming Covid wave between March and May. Gasoline sales in early May were down to a one-year low, and diesel consumption dropped to the lowest in seven months in the first two weeks of May. |
| Most of India was under local lockdowns in April and May when the resurgence of Covid started to overwhelm the healthcare system. The central government resisted calls for a nationwide lockdown, fearing a backlash on economic growth. | Most of India was under local lockdowns in April and May when the resurgence of Covid started to overwhelm the healthcare system. The central government resisted calls for a nationwide lockdown, fearing a backlash on economic growth. |
| Since the peak in May, India’s Covid cases have been declining, and restrictions have been eased. | Since the peak in May, India’s Covid cases have been declining, and restrictions have been eased. |
| In early August, analysts expected that India’s pent-up demand after months of travel restrictions would outweigh higher prices at the pump. | In early August, analysts expected that India’s pent-up demand after months of travel restrictions would outweigh higher prices at the pump. |
| “India’s gasoline demand is on the cusp of a V-shaped recovery as movement restrictions have been eased or lifted in several states,” Senthil Kumaran, head of South Asia oil at industry consultant FGE, told Bloomberg. | “India’s gasoline demand is on the cusp of a V-shaped recovery as movement restrictions have been eased or lifted in several states,” Senthil Kumaran, head of South Asia oil at industry consultant FGE, told Bloomberg. |
| According to the latest figures for August 1-15, the fuel demand recovery slowed down from July, but India was still one of the few countries in Asia with positive data about fuel demand, Bloomberg notes. | According to the latest figures for August 1-15, the fuel demand recovery slowed down from July, but India was still one of the few countries in Asia with positive data about fuel demand, Bloomberg notes. |
| This article was originally published on Oilprice.com | This article was originally published on Oilprice.com |