High fuel prices to hit near-term demand: Report

High prices of fuels are likely to dampen near-term demand for energy, however, recovery is expected in the second half of calendar year 2022 (July-December).

Driven by a more broad-based pickup in economic activity as the country adapts to live with Covid-19 amid higher vaccination rates, India’s oil demand in second half of calendar year 2022 is expected to be 275,000 barrel per day, said S&P Global Commodity Insights which was curated by analysts JY Lim and Kang Wu.

More than 72 per cent of its population has received at least one dose of the vaccine, and about 61 per cent of its population has received both doses to be fully vaccinated. India has just started to give booster shots on April 10, and will be limited to front-line workers and those older than 60 who get them at government centres, the S&P Global Commodity Insights said.

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