In the case of BPCL, the government has already extended the deadline for submission of EOI by more than a month to 13 June due to the prolonged lockdown and also the sharp fall in the price of crude oil. Bidders can submit preliminary information memorandum (PIM) by 16 May now. The DIPAM has already set $10 billion of net worth as the base case to qualify to bid for the 52.98% stake in BPCL. Both Air India and BPCL are crucial for the government to achieve its disinvestment target of Rs.2.1 trillion for 2020-21. The benchmark Brent Crude hit an 18 year low of $23/bbl due to the COVID-19 scare and that is likely to delay the divestment.