India’s fuel demand witnessed the sharpest rebound in February as petrol and diesel consumption rose by double digits after a winter lull in the earlier month, preliminary trade knowledge confirmed on Thursday.
Petrol gross sales jumped nearly 18% to 1.22 million tonnes in the primary half of February, as in comparison with 1.04 million tonnes of consumption in the identical interval of final yr.
Sales had been 18.3% greater than in COVID-marred first half of February 2021 and 15.7% greater than in the identical interval of 2020.
Month-on-month, the demand was up 13.6%, reversing the dip in the earlier month. Sales had fallen 5.1% month-on-month in January as chilly circumstances reduce vehicular motion.
Diesel, probably the most used fuel in the nation, posted a close to 25% rise in gross sales throughout February 1-15 to three.33 million tonnes, as in comparison with the identical interval final yr.
Consumption was up 16.7% over the primary half of February 2021 and seven% greater than 2020.
Month-on-month gross sales surged 10.3% from 3.01 million tonnes in the primary half of January.
In January, diesel consumption fell 8.6% month-on-month foundation as snowfall in greater reaches halted truck motion. The rebound in gross sales is the sharpest.
Industry sources mentioned diesel demand surged as vehicles returned to roads and there was a decide up in the agriculture sector. Use of the fuel in irrigation pumps and trucking helped construct the momentum generated.
January gross sales had been decrease month-on-month additionally as a result of the earlier month had seen a surge in consumption as a result of trip journey.
With the continued opening of the aviation sector, India’s total passenger site visitors at airports inched nearer to pre-COVID-19 ranges.
Reflecting the development, jet fuel (ATF) demand jumped 43.7% to 2,94,000 tonnes in the course of the first half of February when in comparison with the identical interval final yr. It was 35.6% greater than February 2021 however 12.8% decrease than February 2020. Month-on-month gross sales had been up 4.22%.
Sources mentioned whereas home air journey is again to pre-COVID ranges, worldwide site visitors is lagging due to continued restrictions in some nations.
India’s restoration has continued to realize momentum in latest months however has been accompanied by elevated inflation. This slowed the momentum a bit. The nation’s oil demand had been rising steadily for the reason that easing of COVID-19 restrictions.
Cooking fuel LPG gross sales had been up 4.1% year-on-year at 1.39 million tonnes in February 1-15. LPG consumption was 14.7% greater than in February 2021 and 20.9% greater than in February 2020.
Month-on-month, the demand was up practically 12% when in comparison with 1.24 million tonnes of LPG consumption throughout January 1-15, the info confirmed.
