The government has hiked fuel taxes significantly
Outlook positive for India despite Covid woes
The county’s crude demand may remain constrained this year, but the future is still bright
India’s refining sector is set to emerge from a punishing second quarter during which a resurgence of the coronavirus triggered a slew of localised lockdowns, cratering domestic demand. The outbreak has been brought to heel, with daily infection rates down by more than 85pc from their peak in May and local restrictions are gradually being eased. But the recovery is still on shaky ground. As with most emerging markets outside of China, India’s vaccination rate is crushingly low. Despite a vast pharmaceutical manufacturing base, the country has administered just 24 doses per 100 residents. A strong rebound in the global crude oil market has been compounded by hefty fuel tax hikes Delhi
Also in this section
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
24 April 2026
The European Commission’s response to the Middle East crisis is to double down on its transition strategy, with plans for a new target on electrification
24 April 2026
A major new discovery by Eni and BP that can likely be fast-tracked to production is welcome news for Egypt as it scrambles to plug a widening supply gap and deal with rising import risks
