Coronavirus has kept each sector, industry and business under its grasp and has spared none. At present, the world economy is declining each day. Each country’s individual economy is experiencing setbacks. Coronavirus has become an impediment to all economic operations. According to a report by KPMG India, India’s GDP may fall by 3% if the spread of the virus continues.
Fuel demand falls by 18%
India’s fuel consumption has declined by 18 percent in March due to the Corona lockdown. This is the biggest drop in more than a decade. Economic activity and movement has come to a standstill due to the lockdown. According to the official figures released on Thursday, India’s petroleum product consumption declined 17.79 percent to 16.08 million tonnes in March, as demand for diesel, petrol and aviation turbine fuel (ATF) fell during this period.
The most consumed fuel in the country –diesel saw a decrease of 5.65 million tonnes with a demand of 24.23 percent. This is the biggest decline in diesel consumption in the country as most of the trucks are no longer on the road and the operations of the train has stopped as well. Due to the 21-day nationwide lockdown implemented to stop the spread of Covid-19, petrol sales fell 16.37 percent to 2.15 million tonnes.
LPG demand increases
During this time only the demand for LPG was seen to increase. BPCL and HPCL have stated that their diesel and petrol sales have fallen by more than 55 percent during their lockdown. HPCL Chairman said that refinery production has come down to around 70 percent.
BPCL’s refinery director R Ramachandran said the refinery was operating at less than 70 per cent of the capacity. “Our diesel and petrol sales have fallen by more than 60 percent and there is almost no demand for aviation fuel as only a few cargo aircrafts are flying” he said. Ramachandran said, “Losses are fixed in March, April and if the lockdown goes ahead then the losses will also increase”. HPCL chairman expressed confidence of recovering losses by exporting fuel in case of further lockdown.
In India total cases rise to 5734; death toll reaches 166
In India, the Corona virus has infected 5734 people across the country so far. According to the latest data of Covid-19 patients, 17 people have died in the last 24 hours due to infection in India. As of Thursday morning, the death toll from the Corona virus has reached 166. According to the latest data from the Ministry of Health, Maharashtra has the highest number of deaths due to corona virus at 72. Currently, there are 5095 active cases of Corona viruses in the country. On the other hand, to prevent community spread of the virus, 15 districts of UP have been sealed. Provisions for sealing many other districts or provinces in Noida, Delhi and other hotspot centres are also being done.