General demand for petroleum merchandise rose 2.5 per cent within the month, reaching 17.77 MT, in comparison with 17.34 MT in the identical length final yr.
The sudden fall in India’s gas demand within the lockdown months have began to rebound through the ongoing festive season. The nation’s gas demand witnessed its first yearly enhance since February as diesel demand shot up in October 2020. General demand for petroleum merchandise rose 2.5 per cent within the month, reaching 17.77 MT, in comparison with 17.34 MT in the identical length final yr, confirmed the provisional knowledge revealed by the Petroleum Planning and Evaluation Cell. The petrol consumption had reached pre-COVID ranges in September itself, now, the diesel consumption has additionally returned to normalcy.
Diesel demand soared 7.Four per cent on-year to six.5 MT whereas petrol gross sales rose 4.5 per cent at 2.54 MT. This progress in diesel consumption is the very best in a yr, after the nationwide lockdown pressured transport to come back to a standstill. Even because the festive season boosted the gas demand, public transport continues to be struggling to come back to normalcy because of shut instructional establishments, together with colleges.
India is among the many world’s top-Three oil customers, and a bigger portion of the petroleum demand is met via imports. Whereas the coronavirus vaccine has been introduced, and the misplaced demand is regained by the world’s third-biggest oil shopper, the consolidated impact could be seen within the oil costs in near-term. The worldwide oil costs suffered a pointy fall after varied economies locked themselves to arrest the unfold of the coronavirus pandemic earlier this yr. Nevertheless, the good thing about low costs was not handed to the customers as the federal government had raised taxes to reap profit from the fallen costs by filling its coffers when different technique of income technology have been at a near-standstill.
In the meantime, petrol and diesel costs in India haven’t modified in additional than a month. Whereas petrol costs have remained unchanged since 22 September 2020, diesel costs have been static since 2 October 2020. Petrol value in Delhi is Rs 81.06 per litre, and diesel value is at Rs 70.46 per litre.