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Fuel offtake dips
Why is it in news?
- As per the official data, India’s fuel demand in August posted its biggest decline since April as local lockdowns put the brakes on economic activity and transportation.
- The data has come from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC).
Details:
- The decline in August was the sixth consecutive year-on-year slide.
- Fuel demand had slumped by a record 48.6% in April to 9.4 million tonnes.
- Diesel is the most consumed fuel in the country.
Demand recovery
- There is likely to be a pick-up in demand with the onset of the festive season in October-November.
- However, reaching pre-COVID-19 levels would not be before the new year.