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 Leading UK-focused downstream energy company Essar Oil UK's fuel and petrochemical sales volume hit an 18 month high in December and demand is now back to 95 per cent of pre-Covid levels, it said in a statement on Wednesday.

"A stronger trading environment saw the company record its best monthly product sales for 18 months in December 2021 across both fuels and petrochemicals, with demand now back to 95 per cent of pre-Covid levels," the statement said.

Besides, it is re-entering the Irish market after having recently secured a contract to supply fuel. It will enter the Irish market in the current month.

Essar Oil UK is making timely payments of the deferred tax bill and pledges to clear all outstandings by March 2022.

The company had reportedly availed the UK government's pandemic VAT deferral scheme in 2020, which allowed businesses to delay tax repayments.