India’s petrol and diesel sales soared in May as agriculture demand picked up and vehicles yanked up air-conditioning with the onset of summer season, preliminary trade knowledge confirmed on Thursday.
Demand for diesel, essentially the most consumed gas in the nation accounting for about two-fifths of the demand, soared 9.3% to 7.46 million tonne in May in comparison with the year-ago interval.
In April, diesel demand had risen 6.7% year-on-year and the consumption in May was higher than that.
Month-on-month sales rose 4.2% when put next with 7.16 million tonne of diesel consumed in April.
Petrol sales rose 10.4% to three.08 million tonne in May 2023 when put next with the identical interval final 12 months. Sales had been up 16.5% month-on-month, the information confirmed.
Petrol and diesel sales have been on the rise from the second half of March on the again of a pick-up in industrial and agriculture exercise. In the primary half of March, petrol sales had fallen 1.4% and diesel 10.2% year-on-year.
And consumption soared in May as air-conditioning wants rose with an increase in temperature.
Consumption of petrol final month was 72% greater than COVID-marred May 2021 and 23.7% greater than pre-pandemic May 2019.
Diesel consumption was up 52.5% over May 2021 and 6.8% larger than in May 2019.
With the continued opening of the aviation sector, India’s total passenger visitors at airports inched nearer to pre-COVID ranges.
Reflecting the pattern, jet gas (ATF) demand jumped 8.7% to 609,800 tonne throughout May when in comparison with the identical interval final 12 months. It was 137.3% larger than in May 2021 however 5.3% decrease than pre-Covid May 2019.
Month-on-month sales fell 0.7% when put next with 613,900 tonne in April 2023.
Rabi crops, principally wheat, barley, mustard, sesame and peas, are sown between October and December, and harvested from April to June. Wheat harvesting results in an increase in diesel demand as harvesters and tractors run on that gas.
The Indian financial system has gained tempo with a pick-up in authorities and personal capital spending. Manufacturing too has picked up whereas the companies sector has been sturdy. The nation’s oil demand was supported by sturdy industrial exercise, trade officers stated.
In phrases of merchandise, diesel was the principle driver of oil demand as there was a pick-up in the agriculture sector, in addition to necessities for energy technology and trade. Use of the gas in irrigation pumps and trucking supported diesel, they stated.
Cooking fuel LPG sales soared virtually 10% year-on-year to 2.4 million tonne in May. LPG consumption was 13% larger than in May 2021 and 19.6% greater than pre-Covid May 2019.
Month-on-month, the demand rose 11.3% when in comparison with 2.19 million tonne of LPG consumption throughout April, the information confirmed.
