The gasoline consumption in India surged to a seven-month high in December to about 20.05 million metric tonnes, in accordance to information from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry.
The whole consumption, performing as a measure of oil demand, recorded a 6.2 per cent rise from 18.89 million metric tonnes in November. Compared to the identical interval a 12 months earlier, it witnessed a progress of about 2.6 per cent.
LSEG analyst Ehsan Ul Haq famous, “Due to the festive season, demand has been rapidly increasing in recent months. While the growth is expected to continue, it might slow down somewhat as 2023 has shown robust consumption trends.”
Diesel gross sales, primarily utilized by vans and commercially operated passenger autos, elevated by 0.9 per cent month-on-month to 7.60 million tons. However, gasoline gross sales dipped by 4.5 per cent in December in contrast to the earlier month, totalling 2.99 million metric tonnes.
Automakers’ information revealed an increase in sports activities utility automobile gross sales however a decline in small automobile gross sales regardless of substantial reductions supplied.
“Car sales continue to be robust, indicating healthy demand. However, new cars are more fuel-efficient. Some travel restrictions for cars might persist during the winter, but an improvement is anticipated by February,” Ul Haq remarked.
Sales of bitumen, essential for highway development, surged by 12.9 per cent from November, whereas gasoline oil utilization noticed a 9.6 per cent enhance in December.
Cooking fuel, generally known as liquefied petroleum fuel, witnessed a 5.6 per cent rise to 2.63 million metric tonnes, whereas naphtha gross sales spiked by 27.9 per cent to roughly 1.33 million metric tonnes, in accordance to the information.
(With Reuters inputs)
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