India's gasoline sales rise for the first time since Covid-induced lockdown

Sales at India’s three biggest fuel retailers climbed 2.2% in the first half of September, the first year-on-year increase in six months, according to
...
Representational photo of a petrol pump (PTI)
Representational photo of a petrol pump

Indian gasoline sales rose for the first time since the nation imposed one of the world’s strictest virus lockdowns in late March, a positive sign for global oil markets amid a stalling energy demand recovery.

Sales at India’s three biggest fuel retailers climbed 2.2% in the first half of September, the first year-on-year increase in six months, according to preliminary data from officials with direct knowledge of the matter.

Also check these Vehicles

Find more Cars
Benling India Believe (HT Auto photo)
BatteryCapacity Icon3.2 kWh Range Icon120 km
₹ 1.26 Lakhs
Compare
Benling India Benling Kriti (HT Auto photo)
Range Icon60 km/charge
₹ 56,940 - 66,121
Compare
View Offers
Benling India Benling Aura (HT Auto photo)
Range Icon120 Km/charge
₹73,000
Compare
Benling India Benling Falcon (HT Auto photo)
Range Icon75 km/charge
₹ 62,200 - 71,248
Compare
View Offers
Hcd India Nps Cargo (HT Auto photo)
Range Icon70 km/charge
₹ 54,500 - 58,500
Compare
View Offers
Kinetic Green Flex (HT Auto photo)
BatteryCapacity Icon3 kWh Range Icon120 km
₹ 1.10 Lakhs
Compare

The uptick in gasoline sales in the world’s third-largest oil importer is a welcome development for a global market that’s been forced to push back expectations for when energy demand might get back to pre-virus levels. Indian sales of diesel, the most widely used petroleum product in the country, are still down around 6% from a year earlier, however.

Also Read : Fuel demand rises as traffic picks up across globe, people shun public transport

An easing of virus restrictions is leading to increased use of personal vehicles as people return to their offices, the officials said, asking not to be identified as they’re not authorized to speak to media. India has now relaxed most of its stay-at-home restrictions, despite a continued rise in infections, after the economy contracted by almost a quarter in the three months through June.

Greater use of personal vehicles to avoid the risk of getting infected on public transport has been reflected in rising sales of cars and two-wheelers, which mainly run on gasoline. Car sales in India rose 14% in August from a year earlier, while two-wheeler sales increased by 3%.

Also Read : How long will it take for petrol demand to bounce back? IOC may have a clue

Indian Oil Corp. Chairman Shrikant Madhav Vaidya said this week there are signs of a demand recovery, but the pandemic’s impact could linger and monthly consumption may edge back to pre-virus levels by the end of the year.

Gasoline sales rose 7.1% on a month-on-month basis, while diesel sales jumped 19%. Spokespeople at the three retailers -- Indian Oil, Bharat Petroleum Corp. and Hindustan Petroleum Corp. -- that account for more than 90% of fuel sales couldn’t immediately comment on the provisional data.

Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape.

First Published Date: 17 Sep 2020, 12:27 PM IST
NEXT ARTICLE BEGINS

Check Latest Offers

Please provide your details to get Personalized Offers

Choose city
+91 | Choose city
Choose city
Select a dealer

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.