The HPCL stock has been buzzing in trade as oil prices continue to rise. MK Surana, CMD, HPCL shared his outlook on the business, going forward.

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“In the month of May, fuel consumption was down as many states were locked down,” he said.

“Monday onwards, relaxations have begun in many states; we should see consumption picking up,” he added.

Compared to the consumption of last year’s April and May, this year’s has been higher. “In 2020, in the months of April and May, it was down by almost 50 percent vis-à-vis April and May of 2021, it is down to the extent of 26 percent as compared to the pre-COVID era,” he shared.

“In June, day-by-day it is improving. So, I think that consumption should be picking up on the transportation fuel as well as the industrial fuel,” he stated.

According to him, crude prices will have a correlation with the international prices. “For the past few days, the prices have been getting aligned with the international prices, and they are being increased or decreased depending on the way the momentum is in the international prices. That is the trend which is there right now,” he further mentioned.

For the full interview, watch the accompanying video

(Edited by : Dipika)

First Published:Jun 8, 2021 1:30 PM IST