ECONOMY

Fuel industry pays heavy toll in pandemic

fuel-industry-pays-heavy-toll-in-pandemic

The fuel market is suffering as a result of the pandemic and the government restrictions, as demand in December shrank a considerable 27.2%, mainly due to the ban on traveling between regional units, followed by a 30% slump in January. February also appears to be showing a similar picture.

There is a notable discrepancy in diesel sales, as December saw a drop of just 6%, but that was followed by a 37% decline.

The market attributes this to the stockpiling of fuel in December by traders and gas stations ahead of the imposition of the renewable energy sources levy from January 1.