India: Fuel demand expected to normalize in May

On Friday (8), The Minister of Oil, Dharmendra Pradhan, said that the growth of demand for fuels from India may return to normal levels in mid-May. The country has taken steps to recover from the crisis caused by the pandemic of the new coronavirus and refineries that have suffered stock losses are receiving aid.

"Since the last two weeks, there has been a gradual increase in demand, very slow… but we are confident that by mid-May we will be heading for the normal position. That's our calculation," Pradhan said at CERAWeek, an annual energy conference organized by information and insights firm IHS Markit.

And he also talked about the losses of refiners, who had to postpone some oil loads due to the drop in local demand: "Our refineries are facing severe inventory loss because all our purchases from February, March and April are not current prices. So we have to pay the full price. It's a double burden. There is a loss of market and a loss stock for our oil companies," he said.

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