India’s fuel demand, which is hit by the second wave of coronavirus, will recover to pre-pandemic levels by the end of this year, Oil Minister Dharmendra Pradhan said. Local fuel consumption in May decreased to its lowest since last August as lockdowns and restrictions in several states stalled mobility and shut economic activity.

Indian fuel demand showed signs of a recovery this month due to the lifting of lockdowns by states and a gradual pick-up in economic momentum, Pradhan said at an energy summit organised by BNEF.

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India is the world’s third-biggest oil importer and consumer and imports over 80 per cent of its oil needs. India’s economy has been hit hard by an increase in global oil prices, with its tax-heavy retail prices of gasoline and gasoil touching record highs. “Inflation is a challenge to the globe today, so we are also facing this challenge in our economy. But with all these challenges, we are confident by the end of this calendar year, and we will be in a position to restore our actual consumer behaviour,” Pradhan said. Ahead of the meeting of OPEC and its allies on July 1, Pradhan expects oil prices to relieve a bit.