India’s fuel consumption Shrunk by 18% in March month , indicates further worst in store for April 2020 as the the fear of spread Corona that completely halted economic activity and travel .
Sudden 6 hours notice 21 days Lockdown announcement by Indian Government from 24th March made India’s petroleum product consumption fell 17.79 per cent to 16.08 million tonnes in March 2020 as diesel, petrol and aviation turbine fuel (ATF) demand fell, according to official data released on Thursday.
India’s fuel consumption in March 2020 Shrunk is the largest decline in more than a decade, as the 7 days of 21 days a nationwide lockdown fallen on last week of march month .
Trump on April 4 said that he will impose tariffs on Saudi and Russian oil production and also he added he will put pressure on Saudi Arabia and its allies for a deal with Russia . Following which Saudi Arabia and Russia had on April 6 postponed to April 9 OPEC meeting. It is expected Outcome of OPEC meeting will decide the Prices of drastically fallen crude oil . It is to be noted BJP led modi government has halted the benefit of drop of International Crude oil Prices to to Indian Consumers by steeply increasing levies.
Diesel, the most consumed fuel in the country, saw demand fallen by 24.23 per cent to 5.65 million tonnes. This is the biggest fall in diesel consumption the country has recorded as most trucks went off-road and railways stopped plying trains.
Petrol sales dropped 16.37 per cent to 2.15 million tonnes as the 21-day nationwide lockdown enforced to prevent the spread of Covid-19 took most cars and two-wheelers off the road.
It is presumed during April 2020 the figure will drop drastically further and if Center government in consultation with State governments extend the lock down further then the drop may witness 65~80% that will be un preceded in Indian Fuel History