The petrol and diesel gross sales declined within the first half of October because the festive season began which was anticipated to extend consumption, preliminary information of state-owned corporations revealed. In contrast to final 12 months’s packed October, this 12 months, Durga Puja, Dusshera, and Diwali can be unfold out over the second half of October and the primary half of November. As such, preliminary information revealed that petrol and diesel gross sales dipped within the month up to now, as in comparison with the identical interval final 12 months.
Petrol gross sales by three state-owned gas retailers reported a decline of 9 per cent on a year-on-year (YoY) foundation, marking the primary drop in two months. Diesel consumption additionally fell 3.2 per cent within the first half of October. This dip was largely because of the bigger base of the earlier 12 months, reported PTI.
Petrol gross sales decreased to 1.17 million tonnes through the reporting interval, in opposition to 1.29 million tonnes logged in the identical interval a 12 months earlier, whereas the month-on-month decline in gross sales stood at 9 per cent. Diesel consumption additionally dipped to 2.99 million tonnes through the first half of October this 12 months, down from 3.09 million tonnes reported for a similar interval a 12 months earlier. Diesel gross sales, on a month-on-month foundation, elevated 9.6 per cent, in opposition to 2.73 million tonnes reported within the first half of September this 12 months.
Typically, diesel gross sales decline in monsoon months because of muted demand within the agriculture sector which is determined by gas for irrigation, harvesting, and transportation. Additional, rains additionally gradual vehicular actions. This led to a fall in diesel gross sales within the final three months. Consumption was seen reviving after monsoons ended. Earlier this 12 months, diesel consumption elevated to six.7 per cent in April and 9.3 per cent in Could, as demand in agriculture picked up and utilization of air con elevated to beat the warmth. This tempo began to dip within the second half of June as monsoon set in and has continued to fall ever since.
OPEC estimated that India’s oil demand would enhance on common by 2,20,000 barrels per day credited to strong financial progress. Petrol consumption through the first half of October stood greater by 12 per cent in comparison with the pandemic-affected October 2021 interval and 21.7 per cent greater than in October 2019. Diesel consumption within the reporting interval stood 23.4 per cent greater than in October 2021 and 23.1 per cent greater than in October 2019.
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