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India's diesel consumption up first time in 8 months, rises 6.6% in Oct

Sales of gasoil, which account for about two-fifths of India's fuel demand, rose 27.5% from September.

Topics
gasoline | India's diesel consumption | Fuel demand

Reuters  |  New Delhi 

Photo: Reuters
Gasoline sales rose 4 per centfrom a year earlier to about 2.4 million tonnes, about 8.6 per centhigher than September, the data showed. | Photo: Reuters

India's gasoil consumption in October rose 6.6 per cent from a year earlier, the first such increase since Covid-19 restrictions were imposed in late March, preliminary data showed on Sunday, signalling a pick-up in industrial activity.

Diesel sales by the country's three state fuel retailers totalled 6.17 million tonnes in October, according to provisional data compiled by Indian Oil Corp (IOC), the country's biggest refiner and fuel retailer.

Sales of gasoil, which account for about two-fifths of India's fuel demand, rose 27.5 per centfrom September.

Rising diesel sales in the world's third-biggest oil consumer and importer should help refiners, who had to cut crude-processing runs during the coronavirus crisis.

IOC hopes to operate refineries at full capacity in a couple of months, up from 95 per centnow, as local is rising, company chairman S.M. Vaidya said on Friday.

Rising and gasoil demand in India should also aid other markets hit by slow demand recovery.

Local sales in October rose above pre-pandemic levels for a second month in a row.

sales rose 4 per centfrom a year earlier to about 2.4 million tonnes, about 8.6 per centhigher than September, the data showed.

State companies IOC, Hindustan Petroleum Corp and Bharat Petroleum own about 90 per centof India's retail fuel outlets.

State retailers sold 3.8 per centmore cooking gas in October than a year ago, at about 2.44 million tonnes, while jet fuel sales halved to 328,000 tonnes.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Sun, November 01 2020. 16:10 IST
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