Gasoline and diesel prices remained stable at sky-high levels.
Petrol and diesel sales in India surged in September on the back of increased economic activity. As PTI reports, the festive season, as well as the end of the monsoon, has increased demand. The report said gasoline sales rose 13.2% to 2.65 million tons in September compared with 2.34 million tons in the same month a year ago. In September 2020, sales fell to 20.7% due to the impact of Covid-19. In addition, gasoline sales last month were also 23.3% higher than the pre-pandemic period in September 2019, 23.3%. However, the report claims that gasoline demand has fallen by 1.9% since August 2022.
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Diesel sales in September 2022 also increased 22.6% to 5.99 million tons compared with the same month a year ago. In September 2020, diesel consumption was 23.7% less. Last month’s diesel sales were nearly 15% higher than in the pre-Covid 2019 period. Diesel sales saw a drop of nearly 5% in August compared to July this year. However, demand for fuel last month increased by 1.3% compared to August.
The report claims that the end of monsoon rains in most parts of the country and the start of the agricultural season has led to an increase in diesel demand. Rain often limits mobility, and demand from the agricultural sector uses diesel fuel sharply. The arrival of the festive season also helps spur economic activity and an increase in demand. The report further states that With a strong economic growth rate of 7%, India’s oil demand has been steadily increasing since the country eased its pandemic containment measures.
First published date: October 2, 2022, 14:08 PM IST