India’s October Fuel Demand Marks First Year-On-Year Gain In 8 Months

Sales of petrol rose by 4.3% from a yr earlier to 2.65 million tonnes, and by 8.2% from 2.45 million tonnes from September.

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Reuters
| Published: 14-Nov-20 02:20 PM IST

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With public transportation regularly selecting up, gasoline demand is anticipated to enhance additional

India’s gasoline consumption in October registered its first year-on-year improve since February, as slowing coronavirus circumstances and elevated mobility accelerated an financial restoration, information confirmed on Thursday. Consumption of refined fuels, a proxy for oil demand, rose 2.5% in October from the prior yr to 17.78 million tonnes and almost 15% larger from the earlier month, information from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas confirmed.

Also Read: India’s Weak Fuel Demand Drags On As Virus Crisis Worsens

Sales of petrol rose by 4.3% from a yr earlier to 2.65 million tonnes

“GST (Goods and Services Tax) collections, power demand, PMI etc all are indicating increased economic activity and COVID cases are also coming down to a point where demand is coming back to normalcy,” stated Okay Ravichandran, senior vp at ICRA, a unit of Moody’s Investors Service.

With public transportation regularly selecting up, gasoline demand is anticipated to enhance additional, he added.

India’s every day COVID-19 case rely has steadily declined since September, though whole circumstances stay north of 8.5 million- the second highest on this planet. Activity in India’s dominant companies trade additionally expanded for the primary time in eight months in October as demand surged.

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Diesel accounts for about 40% of total refined gasoline gross sales in India

Diesel consumption, a key parameter linked to financial progress and which accounts for about 40% of total refined gasoline gross sales in India, rose 7.4% to six.99 million tonnes on an annual foundation, and climbed about 27% month-on-month. Sales of petrol rose by 4.3% from a yr earlier to 2.65 million tonnes, and by 8.2% from 2.45 million tonnes from September.

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Cooking fuel or liquefied petroleum fuel (LPG) gross sales elevated by 3% to 2.42 million tonnes from a yr earlier and 6.6% from the earlier month, whereas naphtha gross sales rose 15% to 1.30 million tonnes and about 14% month-on-month. Sales of bitumen, used for making roads, rose about 47% versus final yr, and gasoline oil elevated by about 12.8% final month.

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