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Rise in fuel sales in 2020 shows signs of economic recovery: Indian Oil

IOC chairman S M Vaidya said 2020 was a year of digitalisation at the state-run oil marketing company, which had helped it achieve seamless business continuity

Economic recovery | Indian Oil Corp

Press Trust of India  |  Kolkata 

Photo: Reuters
Photo: Reuters

Despite disruptions in commercial

activities due to the COVID-19 crisis, sales of motor spirit and diesel have increased during 2020, which indicates a revival of the economy, an official of Indian Oil Corporation (IOC) said on Friday.

During 2020, sales of motor spirit have increased by 108 per cent and diesel by 96 per cent over the previous year, IOC director (marketing) Gurmeet Singh said.

"This shows the healthy signs of an economic revival," he said at an event in Bhubaneswar in the presence of petroleum and natural gas minister Dharmendra Pradhan.

IOC chairman S M Vaidya said domestic LPG demand increased by 10 per cent during the lockdown months in the country.

He said 2020 was a year of digitalisation at the state-run oil marketing company, which had helped it achieve seamless business continuity.

Petroleum and natural gas minister flagged off the despatch of high-octane premium petrol from the country's oldest refinery at Digboi in Assam to seven cities, including Kolkata.

He also introduced a missed call facility for LPG refill bookings and registering new connections for households.

Currently, the option of registering new connections through the missed call facility is available only in Bhubaneshwar and will soon be rolled out in other parts of the country, IOC official said.

Prasad said the number of LPG connections in the country has reached 30 crore, out of which, 17 crore had been achieved in the last six years.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, January 01 2021. 22:29 IST