Petrol and diesel prices on Wednesday scaled new highs in the country as rates were hiked for the second day in a row
Diesel is a bellwether of industrial activity in India
The rise in crude oil prices may dent marketing margins if not passed on, however, some say OMCs may have a cushion to absorb
Demand for petrol is now higher than last year, while demand for diesel continues to lag behind
The current price of petrol in Delhi is nearly 60 paise short of breaching the all- time high of Rs 84 per litre recorded in October 2018
Petrol price breached the Rs 83-a-litre mark in Delhi for the first time in more than two years after a rally in international oil prices forced a 13th increase in rates in a fortnight
The country is the world's third biggest oil importer and consumer.
In nine days, petrol price has gone up by Rs 1.07 per litre and diesel rate has risen by Rs 1.67.
India's diesel sales fell 5 per cent in the first half of November when compared with the previous year, industry data showed on Monday, after rising for the first time in eight months in October
The rebound in diesel demand is crucial for ramping up crude processing by Indian refiners after consumption was crushed by a strict lockdown
India's diesel consumption rose 8.8% in the first half of this month from a year ago, its first annual increase since March, when the nation imposed lockdown restrictions to curb the spread of Covid
Refiners are expected to focus on making less diesel and more gasoline and petrochemicals to respond to changing demand
Sales of gasoline, or petrol, rose by 3.3% from a year earlier to 2.45 million tonnes
India's petrol sales rose 2 per cent in September - the first increase since the country's lockdown in late March - signalling demand returning to pre-Covid-19 levels
Petrol sales by state retailers recovered to their level before the coronavirus pandemic for the first time since March
Diesel demand growth is likely to return to pre-COVID-19 levels by the end of 2021 or early 2022, said Ashutosh Deshpande at the Platts APPEC 2020 virtual conference
Global gasoline and diesel demand is expected to return to pre-pandemic levels by 2021-end, although a resurgence in Covid-19 cases would keep consumption fluctuating, several industry executives said
Diesel price on Saturday fell below Rs 73 a litre mark while petrol saw a second reduction in rates in six months, according to state-owned fuel retailers
Oil marketing companies decided to keep the pump prices of petroleum products petrol and diesel unchanged on Thursday
Officials said petrol and diesel demand has rapidly climbed due to higher use of private vehicles as commuters avoided public transport