Fuel demand surges in July on back of easing restrictions; prices remain static
Petrol and diesel consumption in July have increased in July over easing state lockdowns and travel restrictions. As the transport sector is witnessing increased activity and economic activities too are reviving compared to the peak of the Covid pandemic second wave, petrol and diesel consumption across India have registered a surge.
Petrol and diesel sales in July 2021 were up by 17% and 12% last month, as compared to the same month a year ago. On the monthly basis, petrol sales were up 9% last month, compared to July. However, diesel sales dropped less than 1% in July.
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India's petrol consumption level was also topped the pre-pandemic level for the first time in 17 months. Diesel consumption on the other hand fell short 11% compared to its pre-pandemic level.
This comes despite the skyrocketing price of both motor fuels. Petrol and diesel prices in the last few months have increased rapidly, touching new heights across the country. However, fuel prices have remained unchanged in the last 15 days. This is the largest pause in petrol and diesel price hike rally since May this year.
Currently, the petrol price in Delhi stands at ₹101.84 per litre and a litre of diesel costs ₹89.87. A litre of petrol and diesel price in Mumbai is ₹107.83 and ₹97.45 respectively. Among other metro cities, per litre petrol and diesel price in Chennai are ₹102.49 and ₹94.39 respectively. In Kolkata petrol is selling at ₹102.08 a litre, while diesel costs ₹93.02 for a litre.
The pause in price hike rally for petrol and diesel comes on the back of the falling price of crude oil in the international market. Brent crude oil price dropped 81 cents or 1% to $74.60 a barrel on Monday. The US West Texas Intermediate (WTI) crude price dropped 69 cents or 0.9% to $73.26 a barrel.