IOCL Optimistic Over Significant Fuel Recovery by the First Half of 2021
As per the Chairman of Indian Oil Corporation, the demand for gasoline and gasoil is anticipated to trace pre-lockdown levels by the first half of 2021. Demand for these commodities is pertaining to high optimism after a recent rise in sales of several automobiles which is expected to bloom further following the coming festive season. Despite of this prevailing hope, a renowned oil and energy consultancy firm reduced its forecast for oil demand in the fourth quarter by 0.43 million barrels per day, shadowing the rising number of Coronavirus cases in the country than can lead to restrictive measures which might hinder the recovery of fuel demand. Earlier this year, the demand for these fuels witnessed a sharp decline on the back of the repercussions following the global Pandemic. In August, the fuel demand underwent another crash since April whereas the consumption of petroleum between April-July portrayed dull growth. To adapt to the troughs and crests of the dwindling consumption pattern, the company even stated that it needs to review its long-term expansion plans for sustaining the revenue pertaining to the uncertainties prevailing from Coronavirus outbreak.