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Covid2.0 to obstruct recovery in domestic consumption of petroleum products: Ind-Ra
TIWN
Covid2.0 to obstruct recovery in domestic consumption of petroleum products: Ind-Ra
PHOTO : TIWN

New Delhi, May 21 (TIWN) The resurgence of Covid-19 is expected to obstruct the recovery in domestic consumption of petroleum products, said India Ratings and Research (Ind-Ra) on Friday.

In a report, the ratings agency cited that India's domestic consumption of petroleum products declined 1.8 per cent month on month to 4.4 million barrels per day (mb/d) in March 2021, after achieving FY21's peak level of 4.5 mb per day in February 2021.

"The mom decline is likely to have been higher in the months of April and May due to the fresh restrictions imposed to curb the second covid wave," the agency said.

"However, Ind-Ra opines that the consumption levels to have remained higher on a yoy basis due to the lower base effect caused by the more stringent restrictions imposed during the same period last year."

As per the report on a cumulative basis, production, domestic consumption and exports on a YoY basis declined by 11 per cent, 8.7 per cent and 13.3 per cent, respectively, during FY21.

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