India’s consumption of petroleum products fell 9% in last fiscal year, Energy News, ET EnergyWorld

New Delhi: India’s domestic production, consumption and exports of petroleum products fell 11.0%, 8.7% and 13.3%, respectively, the last fiscal year ended in March 2021 due to the impact of the Covid pandemic.

On a cumulative basis, a 4.7 percent year-over-year decline in domestic crude production was recorded in 2020-2021. Natural gas production fell 7.9 percent in fiscal year 21. LNG imports fell 1.6 percent, “India Ratings said in a statement.

The research company said in March 2021, domestic consumption of petroleum products fell 1.8% month-over-month to 4.4 million barrels per day after peaking in 4.5 mbpd of fiscal 21 in February 2021.

The month-over-month decline would likely have been higher in April and May due to new restrictions imposed to curb the second wave of covid, but consumption levels remained higher year over year. other due to the low base effect caused by tighter restrictions imposed last year.

The company expects moderate crack spreads in diesel and gasoline to impact the overall refining gross margins of oil marketing companies, although they have a healthy complexity and low costs. ‘exploitation per barrel.

Diesel and gasoline are the two key products of Indian refiners, accounting for around 65 percent of their slate.