Petrol consumption in India has reached pre-COVID-19 levels, indicating a rise in personal mobility; however, diesel consumption is still 8-9% lower than the pre-COVID-19 period, as per top executives of Bharat Petroleum Corporation Ltd. (BPCL).
Addressing a post-annual general meeting media conference, Arun Kumar Singh, director, marketing, BPCL, said, “We expect the demand for diesel to reach pre-COVID-19 level in October or November, while the demand for petrol is expected to increase further.”
He said during the lockdown, LPG demand rose by 5% to 6%. As the Union Government has finalised plans to disinvest its stake in BPCL this fiscal, the company recently announced a voluntary retirement scheme (VRS) for workmen.
As many as 1,200, or 10%, of the employees, have opted for VRS, according to K. Padmakar, CMD.
Now, BPCL has a little less than 10,000 employees.
Stating that the disinvestment plan was on track, he said the government should complete all the formalities by the end of this year. Due diligence by perspective bidders was already over.
“BPCL is at the threshold of major transformation as it prepares for a definitive change in the ownership structure with imminent disinvestment of the government of India stake in it. This (divestment) is expected to unlock tremendous value through sharpening of professionalism, improvement in efficiencies and increased investment, access to advanced technologies, newer global markets and product diversifications thus, propelling future growth.”