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Oil Demand Recovery in India Poised to Weather Covid Comeback

  • Situation will normalize from February: Hindustan Petroleum
  • Gasoline, diesel sales have dipped y/y during start of 2022
A Hindustan Petroleum Corp. gas station during a lockdown imposed due to the coronavirus in New Delhi.

A Hindustan Petroleum Corp. gas station during a lockdown imposed due to the coronavirus in New Delhi.

Photographer: T. Narayan/Bloomberg

Indian oil refiner Hindustan Petroleum Corp. is cautiously optimistic that the nation’s recovery from the pandemic will remain largely intact, despite a recent spike in coronavirus cases.

Infections have surged and fewer vehicles are traversing the streets of India’s capital, but authorities have so far refrained from instituting a nationwide lockdown, opting for targeted restrictions such as closing bars. While people are avoiding unnecessary travel, there hasn’t been a substantial impact to demand, according to Hindustan Petroleum Chairman Mukesh Kumar Surana.