The state fuel retailers’ diesel and petrol sale in India has increased by 7.4% to 2.84 million tonnes in the first two weeks of March as compared to last year as per the preliminary industry data. Additionally, the petrol sale is also raised by 5.3% to 1.05 million tonnes in the first fortnight from a year earlier.
Also, this is the first annual rise in diesel and petrol sale in India since October 2020. The sale of fuel in the country took a hit in March 2020 as the Indian government announced the nationwide lockdown to control the Covid-19 spread.
India’s economic activity picks up and returned to growth in the last three months. It is also expected that it would manage pace as investors and consumers get rid of COVID-19 pandemic effects. The rise in diesel and petrol sales is noted for approx. 2/5th of the country’s overall fuel demand.
State gasoil companies like Hindustan Petroleum Corp, Indian Oil Corp, and Bharat Petroleum hold around 90% of India’s retail fuel outlets. As per the data, the state retailers have sold 3.3% less cooking gas in the first two weeks of March as compared to last year data. Moreover, the jet fuel sale is also decreased by 36.5% which is equal to 204,000 tonnes.