Petrol and diesel sales rebound across India on festival demand
- Petrol sales surged 8.3 per cent YoY to 3.1 million tonnes in November 2024, while diesel sales were up 5.9 per cent to 7.2 million tonnes.
India's petrol and diesel consumption soared in November 2024 as the festive season reversed a slump in demand for motor fuels that was witnessed in previous months, reveals the preliminary data released by the state-owned oil marketing firms. While petrol sales have shown a year-on-year (YoY) increase, diesel sales remained a laggard since monsoon this year. November was the first month this year that witnessed positive growth in diesel consumption.
Petrol sales of the three state-owned firms, which control 90 per cent of the fuel market in India, surged 8.3 per cent to 3.1 million tonnes in November 2024 as compared to 2.86 million tonnes of petrol consumed in the same month last year. On the other hand, diesel demand was up 5.9 per cent to 7.2 million tonnes.
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Festivities give petrol, diesel's tepid demand necessary push
Petrol and diesel sales in India remained tepid during the monsoon months this year as rains and bad weather conditions resulted in reduced vehicular activities. Also, demand from the agriculture sector was low as well. However, petrol demand soared once rains eased but consumption of diesel lagged on a year-on-year basis.
PTI has reported that month-on-month petrol sales in India were up 4.7 per cent in November when compared to 2.96 million tonnes of consumption in October this year. On the other hand, diesel demand was almost 11 per cent more than 6.5 million tonnes of registered consumption in October 2024.
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Diesel is India's most consumed fuel, accounting for almost 40 per cent of all petroleum product consumption. The transport sector accounts for 70 per cent of all diesel consumption in the country. The fuel is also predominantly used in agriculture sectors, including in harvesters and tractors.
Consumption of petrol during November 2024 was 16.5 per cent more than in November 2022, and 33.5 per cent more than in Covid-marred November 2020. The diesel demand, on the other hand, was 1.8 per cent lower than November 2022, but 8.5 per cent compared to November 2020.
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