Fitch Solutions has revised downward its forecast for fuel demand contraction in India to 11.5% in 2020 in line with the further deterioration in the country’s economic outlook.“Demand weakness is spread across the board, with both consumer and industrial fuels set for steep decline,” Fitch Solutions said in a note. “We have made a further downward revision to our India refined fuels demand forecast for 2020, from -9.4% to -11.5%, in line with further deterioration in the country’s economic outlook.” It forecast a 5% year-on-year growth in 2021 and 2022, as the outbreak is brought under control and economic activity normalises. In the first quarter of FY21, the GDP shrank by 23.9%. The domestic COVID-19 outbreak shows no signs of abating, with daily cases continuing to accelerate. The transport sectors have suffered the heaviest losses, as social distancing measures cut off traffic and travel and curbed demand for road, air and shipping freight.
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