(PTI)
Indian Oil Corp, the country’s largest oil firm, expects petrol and diesel demand to return to pre-pandemic levels faster than previously anticipated but it is reviewing refinery expansion plans in view of permanent demand destruction in some sectors, a top company official said on Monday.
Speaking to reporters after the company’s annual general meeting, Chairman Shrikant Madhav Vaidya said petrol and diesel sales have seen “phenomenal improvement in the first half of September” and if the trend continues demand will return to pre-COVID levels within a quarter. However, jet fuel demand, which has been pummelled by stopping of flights and only restricted operations even after the lockdown was lifted, will be difficult to predict.
