18 Oct , 2021 By : Kanchan Joshi
India’s diesel consumption is gathering pace with the onset of annual festivals, boosting sales to pre-pandemic levels in the first half of October in a sign that the economy is bouncing back.
The top three Indian fuel retailers sold 2.41 million tons of diesel Oct. 1-15, just 0.9% less than the corresponding period of 2019, according to preliminary figures from officials with direct knowledge of the matter. The sales were 14.5% higher than the same period a month earlier, they said, asking not to be named as the information is not public.
State retailers Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp Ltd own about 90% of the country's retail fuel outlets.
Sales of gasoil, which accounts for about two-fifths of India's overall refined fuel consumption, are directly linked to industrial activity in Asia's third-largest economy.
In contrast, gasoline sales stayed above the pre-COVID levels at 1.05 million tonnes as people continued to prefer using personal vehicles over public transport for safety reasons.
India has not yet fully opened its public transport sector, which mostly uses diesel.
The International Monetary Fund sees India’s gross domestic product expanding 9.5% in the year to March after contracting 7.3% last year.
0 Comment