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
30 January 2026
As KPC deepens international partnerships, expands capacity and builds on breakthrough offshore success, Shaikh Nawaf S. Al Sabah says oil interdependence—not self sufficiency—will define the energy system for decades to come
29 January 2026
Caught between LNG risks from across the Atlantic and the wounds from Russian gas dependence, Europe needs more than a simple diversification strategy
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
