Petrol and diesel sales slump in December across India as winter sets in
- Petrol and diesel sales have witnessed a slump in sales across India as winter set in across the country, curbing travelling activities.
Sales of petrol and diesel have slumped across India in December 2023, reported PTI. Sales of petrol by the three state-owned oil marketing companies Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation Limited (HPCL); which control 90 per cent of the Indian fuel market, dumped by 1.4 per cent to 2.72 million tonnes in December 2023, as compared to the same month a year ago. On the other hand, diesel sales witnessed an even bigger drop of 7.8 per cent to 6.73 million tonnes.
The report attributed this drop in sales of petrol and diesel to the onset of winter, which typically leads to reduced consumption of motor fuels. Usually, during winter, people tend to travel less during winter months, which impacts motor fuel sales across the country.
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Petrol and diesel witnessed MoM sales slump
The report revealed that on a month-on-month basis, sales of petrol witnessed a slump of 4.9 per cent last month, as compared to 2.86 million tonnes of petrol sold in November last year. However, petrol consumption across India witnessed a 7.1 per cent growth compared to the pandemic-affected December 2021 and a 21.5 per cent surge in sales compared to pre-pandemic December 2019.
On the other hand, diesel sales too experienced a 0.8 per cent month-on-month decline last month, as compared to 6.79 million tonnes sold in the previous month. Diesel consumption witnessed a growth in sales by 4.3 per cent last month over December 2021 and 2.7 per cent compared to December 2019.
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While the rise of passenger vehicles across the country is fuelling the growth in sales of petrol across India, diesel holds the position of the most consumed motor fuel in India, contributing nearly 40 per cent of all petroleum product consumption. The transport sector contributed to 70 per cent of total diesel sales in India. In recent times, the consumption of motor fuels has witnessed rapid fluctuations across India. Demands for both petrol and diesel witnessed growth in October during the festive season, followed by a 7.5 per cent slump in diesel consumption in the subsequent month.