India’s gasoline, gasoil sales fall as rains hit mobility
Sales of gasoil and gasoline by Indian state-run retailers fell in the first fortnight of August from a month earlier as monsoon rains curtailed demand for auto fuels, preliminary sales data showed.
Gasoil sales at about 2.1 million tonnes during Aug. 1-15 were about 15.34% lower than the same period last month and about 7.9% lower than the corresponding period of 2019.
Gasoil accounts for about two-fifths of India’s overall refined fuel consumption and is directly linked to industrial activity in Asia’s third-largest economy.
Easing restrictions by provincial governments as coronavirus infections subside had led to an increase in auto fuel demand last month.
However, heavy monsoon rains in some parts of the country caused large scale flooding in early August, reducing demand from gasoil and gasoline.
State-run Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS and Bharat Petroleum Corp Ltd BPCL.NS own about 90% of the country’s retail fuel outlets.
Local sales of gasoline for Aug. 1-15 declined on a monthly basis from the first time since May this year.
Gasoline sales totalled 985,820 tonnes, a decline of 4.93% from the same period last month but up 3.74% from the corresponding period of 2019.
Source: Reuters (Reporting by Nidhi Verma; Editing by Subhranshu Sahu)