India has extended its original three-week lockdown until May 13 to slow the spread of the coronavirus (IOD Mar.25’20). The extended lockdown will keep a lid on demand in the world’s third-largest oil-consuming country. The second phase of the lockdown won’t be as stringent as the first. Restrictions will be relaxed for sectors like agriculture, commercial transport and some manufacturing, which should support demand for diesel and fuel oil. However, with private vehicles kept off the roads and planes grounded, demand for gasoline and jet fuel will remain weak.
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