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
9 January 2026
OPEC+ remains on track as output falls, with only Gabon failing to hit its output targets in December, although Kazakhstan’s compliance was involuntary
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
