Indian Oil, Bharat Petroleum weighing the option of raising oil-product exports against cutting run rates.
India's fuel demand contracted by 9.1 per cent in the year ended March 31, the first in more than two decades, as a stringent lockdown imposed to curb the pandemic pummelled economic activity
On a monthly basis, demand slipped by 4.6%
On an annual basis, demand slipped by 1.8%, indicating that consumption in Asia's third-largest economy hasn't yet reached pre-pandemic levels
Diesel demand soared 7.4 per cent year-on-year to 6.5 million tonnes while petrol sales were up 4.5 per cent at 2.54 million tonnes.
India wants to cut its carbon emissions and raise the share of gas in its energy mix to 15% by 2030 from the current 6.2%
Petroleum product sales fell to 14.39 million tonnes in August, down 7.5 per cent over the previous month and about 16 per cent from a year earlier
Sales of gasoline, or petrol, fell by 10.3% from a year earlier to 2.26 million tonnes, and were down 0.8% from 2.28 million tonnes in June
Speaking at an investor call on first-quarter earnings, Gupta said it was difficult to predict the demand recovery rate given the rising infections in India and around the world
India is second biggest growth driver of primary energy consumption in the world, behind China.
Fuel consumption during March, when travel restrictions began to be imposed to curb the spread of coronavirus, stood at 16.08 million tonnes
In its latest report, the International Energy Agency has said India's annual fuel consumption will decline 5.6 per cent in 2020
India is the world's third-largest energy consumer but the Covid-19 lockdown has shut businesses, suspended flights, stopped trains and brought almost the entire vehicular movement to a halt
Consumption of refined fuels, a proxy for oil demand in Asia's third largest economy, totalled 18.77 million tonnes in the month
Sales of petrol were 8.9 per cent higher from a year earlier at 2.57 million tonnes
Sales of gasoline, or petrol, were 8.8% higher from a year earlier at 2.52 million tonnes
Sales of gasoline, or petrol, were 7.8% higher from a year earlier at 2.31 million tonnes
The recent implementation of a goods and services tax and demonetization are unlikely to dent fuel demand