Petrol demand returns to pre-COVID-19 levels, diesel demand still down

Petrol demand returns to pre-COVID-19 levels, diesel demand still down
Petrol sales between September 1 and 15 rose 2.2 per cent year-on-year and were up 7 per cent over the previous month, consistent with preliminary industry data.

Petrol price hiked by 59 paise/litre, diesel by 58 paise in seventh consecutive increase

Petrol sales rose to 9,65,000 tonnes during the primary half September as compared to 9,45,000 tonnes within the same period a year back and 9,00,000 tonnes during August 1-15, 2020.
India’s petrol sales rose for the primary time within the half of September since the country’s lockdown in late March, signalling demand may have returned to pre-COVID-19 levels.

Petrol sales between September 1 and 15 rose 2.2 per cent year-on-year and were up 7 per cent over the previous month, consistent with preliminary industry data.

Diesel sales still be in negative territory, with demand falling 6 per cent year-on-year. But the demand was 19.3 per cent higher over August 2020.

This is the primary time that petrol sales within the world’s third-largest oil importer have risen since the Annunciation nationwide lockdown crippled economic activity and sent demand plummeting.

Petrol sales rose to 9,65,000 tonnes during the primary half September as compared to 9,45,000 tonnes within the same period a year back and 9,00,000 tonnes during August 1-15, 2020.

Demand for diesel, the foremost consumed fuel within the country, fell to 2.13 million tonnes from 2.25 million tonnes in September 1-15, 2019. Sales were 1.78 million tonnes during the primary half August this year.

Industry sources said while the Indian economy has began to devour with lockdown restrictions being lifted since June, local lockdowns by states have hampered the demand quickly learning .

Petrol sales have picked up as commuters are increasingly preferring to non-public transport to conveyance .

The September rise in petrol may be a turnaround from the sharp drop witnessed in August. Diesel and petrol sales have fallen by 21 per cent and seven .4 per cent, respectively in August from a year earlier.

Jet fuel sales at 1,25,000 tonnes were down 60 per cent within the half of September but was 15 per cent above 1,03,000 tonnes sales in August.

Cooking gas LPG sales were up 12.5 per cent at 1.13 million tonnes year-on-year and 13.5 per cent month-on-month.

Car sales rose 14 per cent in August from a year earlier, while two-wheeler sales increased by 3 per cent.

Shrikant Madhav Vaidya, Chairman of Indian Oil Corp (IOC) – the country’s largest fuel retailer, earlier in the week stated that there have been signs of demand recovery, but the pandemic’s impact could linger and monthly consumption may edge back to pre-virus levels by the top of the year.

Fuel demand is predicted to further rise in October because the festive season kicks in.

News source

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