India’s fuel demand slipped to its lowest in over two years in September after a fall in diesel and industrial fuel consumption negated the rise in petrol and LPG consumption.
Consumption of petroleum products in September dropped to 16.01 million tonnes, its lowest since July 2017, from 16.06 million tonnes in the same month last year, according to data from the Petroleum Planning and Analysis Cell (PPAC).
Diesel, the most used fuel in the country, saw demand drop by 3.2 per cent to 5.8 million tonnes, while naphtha sales were down by a quarter to 844,000 tonnes.
Bitumen, used in road construction, too saw consumption drop by 7.3 per cent to 343,000 tonnes. Fuel oil sales edged 3.8 per cent lower in September to 525,000 tonnes.
These downward trends negated the rise in cooking gas (LPG) and petrol demand.
The sale of petrol rose 6.2 per cent to 2.37 million tonnes, but sale of jet fuel or ATF fell 1.6 per cent to 666,000 tonnes.
LPG consumption surged 6 per cent to 2.18 million tonnes on the back of government’s push for the use of cleaner fuel in household kitchens in rural areas in place of firewood to check pollution and safeguard the health of women.
Kerosene, which is fast being replaced by LPG and natural gas as a cooking medium, saw demand fall almost 38 per cent to 176,000 tonnes.
Petroleum coke consumption was however 18 per cent higher at 1.73 million tonnes.
Meanwhile, Fitch Solutions revised downward its India oil demand forecast, reflecting a deteriorating macroeconomic backdrop and rising risks to growth.
“We now forecast demand growth to average 3.8 per cent y-o-y over the three years to 2021, down from 4.6 per cent previously,” it said, adding softening of Indian fuel demand adds to an increasingly bearish outlook for fuel demand globally.
“We had previously flagged India as the outperformer, forecast to overtake China as the global engine for growth. While the view still holds in the longer term, the near-term prospects have weakened,” it said.
More diversified demand growth will offer a level of resilience moving forward, but structurally lower demand growth in China and common Asian emerging markets’ exposure to a weaker external environment will drag to the downside.
“We have revised down our India oil demand forecast, reflecting a deteriorating macroeconomic backdrop and rising risks to growth. In part this reflects the downward revision to the country’s GDP growth forecast,” Fitch said.
“Growth has disappointed expectations, dragged down by slowing private consumption, weakened investment and underperformance in the services sector,” it added.
In response, the government has unleashed a raft of stimulus measures, including tax cuts, a liquidity boost for the banking sector and higher spending on autos.
“Our Country Risk analysts are relatively bullish on the prospects for headline economic growth from 2020 onwards, forecasting a rebound from 6.4 per cent in real terms in 2019, to 6.9 per cent and 7.3 per cent in 2020 and 2021, respectively,” it said.
Auto sales growth is also set to recover next year, supported by low base effects and improved policy support, which will, in turn, offer a lift to oil demand, it said.
“That said, we do not expect demand growth to return to its 2018 highs, as a challenging external environment, stresses in the banking and shadow banking sectors and tight fiscal constraints on the government mar performance in several of the more energy-intensive segments of the domestic economy,” it added.
Zepto, 10-minute grocery delivery app, raises $100 million
Only five months subsequent to dispatching, 10-minute basic food item conveyance application Zepto on Tuesday reported it has raised $100 million driven by Y Combinator, taking its valuation to $570 million.
Other than the raise money, Zepto has been developing staggeringly rapidly and is significantly increasing its client base consistently.
In the course of recent months, Zepto has extended past Mumbai by dispatching in Bengaluru, Delhi, Gurgaon, Chennai, Hyderabad, and Pune (Kolkata to follow), the organization said in an assertion.
“Financial backers are reliably deciding to back Zepto due to our top tier execution. This is giving us extraordinary energy – we’re developing at an amazing rate, clients are adoring the item experience, our center unit financial matters are solid, and we have one of the most outstanding startup groups in India today,” said Aadit Palicha, Co-Founder and CEO.
The Series C raising money round saw support from new and existing financial backers, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and that’s just the beginning.
The round came 45 days later the organization reported its $60 million raise money in November.
Conveying food in a short time is a game-changing encounter for clients in the nation, and a few players are presently joining the race.
“We are eager to twofold down and lead this round in Zepto. They initially dispatched with an alternate model, quickly turned to speedy trade in August 2021, and are presently adding 100,000 new clients consistently, 60% of the ladies,” said Anu Hariharan from Y Combinator.
One stuck box of fertilizer shows the global supply chain crisis
Somewhere in the world’s busiest port of Shanghai, a container of fertilizer sits among tens of thousands of boxes, waiting for a ride to the U.S. It’s been on the dock for months, trapped by typhoons and Covid outbreaks that have worsened major congestion in the global supply-chain network.
While the fertilizer has been stranded there since May, the port is just one stop on the long journey from central China to the U.S. Midwest. Delays have stretched a delivery that ordinarily would take weeks to more than half a year. And that time frame will keep expanding, as the goods have barely started the roughly 15,000 kilometer (9,300 mile) trek.
This is the tale of one humble shipment and its arduous journey across the world. While some of the barriers keeping it from its final destination may be specific to this particular case, the journey is emblematic of the inertia that has gripped global trade during the pandemic.
From the U.S. to Sudan to China, container boxes have been lying at ports, railyards and in warehouses as the pandemic rages on. In an industry with 25 million containers and some 6,000 ships hauling them, it’s easy to see disruptions as one big headache confined to the shipping world. But each container that’s delayed is economic activity that’s restrained, heaping costs one box at a time on consumers and making it more challenging to put corn on consumers’ tables or deliver presents for the holidays.
It’s also a lesson in the ripple effects across global supply chains, showing the limits of diversification as all networks are still closely connected with China.
“All roads lead back to China, and that has a major effect across the entire supply chain,” said Dawn Tiura, head of U.S.-based Sourcing Industry Group. “Congestion at one port or factory has far-reaching implications for neighboring facilities, which trickles out across the world.”
Bharat Biotech’s BBV154 leads global race for intranasal COVID-19 vaccine
Bharat Biotech’s nasal COVID-19 vaccine candidate BBV154 has become the front runner globally to likely commercialise an intranasal vaccine, following green signal from the government to conduct a combined Phase II and III final clinical trials in India. At present out of the 110 vaccines under clinical development globally, only eight are intranasal vaccines and three are oral vaccines. So far none of these vaccines have entered the final phase of trials and most are still in the first phase.
BBV154 is an intranasal replication-deficient chimpanzee adenovirus SARS-CoV-2 vectored vaccine, in-licensed from the Washington University in St Louis, USA. Nasal and oral vaccines are expected to be a game-changer second-generation COVID-19 vaccine, as they stimulate a broad immune response and prevent both infection and transmission. The non-invasive, needle-free vaccines do not require trained health care workers to administer the vaccine, have no risks of injuries and infections and is suited for children and adults. Unlike Covaxin, which is difficult to make, manufacturing can be scaled up fast and easily. Compared to injectable vaccines, nasal and oral vaccines are expected to provide long-lasting protection.
Bharat Biotech is yet to announce its plans and timeline for the nasal vaccine’s future development.
Serum Institute of India and Codagenix have done a 48-subject Phase I clinical trial in the UK for an intranasal COVID-19 vaccine, COVI-VAC. This live attenuated candidate vaccine is expected to have potential to provide a broader immune response, in comparison to most COVID-19 vaccines that target only a portion of the virus. Codagenix has recently completed dosing for its Phase I trials and data is expected to come out in the third quarter of the year.
Nasdaq listed US biopharmaceutical company Altimmune, which was developing a three-dose intranasal vaccine candidate AdCOVID, discontinued the project on July 29, as its first phase trials did not stimulate an adequate immune response in healthy volunteers. “The top-line Phase 1 clinical data are disappointing given the encouraging preclinical data and our substantial efforts in advancing a differentiated, intranasal vaccine candidate in the fight against COVID-19,” said Vipin K Garg, Altimmune’s India born President and Chief Executive Officer.
The University of Hong Kong, Xiamen University and Beijing Wantai Biological Pharmacy in China are trying a Phase II clinical trial of a two-dose influenza virus vector COVID-19 vaccine as an intranasal spray (DelNS1-2019-nCoV-RBD-OPT1). Its one year long second phase trial among 240 volunteers is going on and will conclude only by mid-December 2021.
The University of Oxford is conducting a single dose Phase I study of AstraZeneca’s ChAdOx1 nCOV-19 (Covishield in India and manufactured by the Serum Institute) to be administered intranasal among 54 volunteers in three groups. According to the trial design, the study started in April is estimated to complete the first phase only by February 2022.
Cuban government’s Center for Genetic Engineering and Biotechnology, which developed Latin America’s first COVID-19 vaccine Abdala, is undertaking a Phase I/II study of an intra-nasal three dose protein subunit vaccine candidate Mambisa (CIGB-669). According to the research agency, Mambisa is based on the formulation of the RBD (Receptor Binding Domain) protein and an immuno enhancer, Hepatitis B nucleocapsid antigen.
Canadian biotech Symvivo Corporation has ‘bacTRL-Spike’, as an oral capsule DNA vaccine candidate for the prevention of COVID-19, is undergoing Phase I trials in Australia. The trial was started only in November, last year. The global drug major Merck, known as MSD outside the United States and Canada, has taken exclusive license of Symvivo’s bacTRL platform of oral vaccines. Symvivo has funding of about $4.57 million from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to develop this vaccine.
US biotech Meissa Vaccines’s MV-014-212, a single dose intranasal recombinant live attenuated COVID-19 vaccine, is undergoing Phase I trials and its interim trial data will come out by the end of this year. Another small US biotech, Vaxform and the US Specialty Formulations LLC (USSF) are developing an oral COVID-19 vaccine, which is also in its first phase. Similarly, another US small biotech CyanVac LLC is also attempting an intranasal parainfluenza virus based COVID-19 vaccine (CVXGA1), now in the first phase and its results are also expected only by the end of the year.
Mexican veterinary pharmaceutical company Laboratorio Avi-Mex is testing a live influenza virus based vaccine, both as an intranasal spray as well as an injection. It is starting Phase I trials and is funded by Mexico’s foreign ministry and the National Council of Science and Technology (Conacyt). The Mexican authorities hope to commercialise this vaccine by the end of the year.
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