MUMBAI: As states begin a phased exit from an over two-month lockdown, to contain the spread of covid-19, and economic activity resumes, refiners are beginning to ramp up production anticipating a pick up in fuel demand.
Demand for fuel had nearly disappeared as the lockdown had led to a fall in vehicular traffic, with movement of people restricted, factory shutdowns, and suspension of flights and trains.
As a result, major refiners--Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, Nayara Energy and Reliance Industries--suffered revenue losses. "We see increase in demand for not only petrol and diesel but also other products.