10.8% less demand for gasoline, jet fuel, diesel, and other products
Petroleum products is a group of products that are based on the crude oil extracted from the core of the earth. Crude oil is formed in millions of years, just like coal, from the remains of plants and animals that lived millions of years ago. This crude oil (also called hydrocarbon) is extracted (taken out) using specialised machines. It is then processed and converted to products that we can use – petrol (for our vehicles), diesel (for vehicles, electricity generation, etc.), jet fuel (the fuel needed for airplanes), etc.
In 2020, because of a strict lockdown that started in March, many people could not take out their private vehicles. Factories also had low production.
India consumed 10.8% fewer oil products than it did in 2019. According to Bloomberg, the research agency that released this report, this is the first time that they have observed a fall in demand since 1999. But now, with the lockdown being slowly lifted, demand is back. The December demand was only 1.8% lower than December 2019 demand.
