Petrol sales in India surged 8.6% in October, diesel records marginal growth

Petrol and diesel sales in India increased in October, fuelled by increased vehicular and economic activity across the country, propelled by the festive season. The oil ministry has revealed that consumption of petrol, the fuel that propels personal vehicles like cars, SUVs and two-wheelers increased by 8.6 per cent to 3.41 million tons last month compared to a year ago.

Consumption of diesel, which is widely used in the mobility sector by commercial vehicles like trucks and buses, as well as cars and SUVs, registered a mere growth. Diesel sales inched up by just 0.18 per cent last month, compared to October 2023. However, on a month-on-month basis, diesel consumption registered a steep rise of 19.9 per cent to 7.64 million tons in October. Interestingly, this was the highest sales of diesel in India in the last five months.

In October, September and August this year, petrol consumption was 3.41 million tons, 3.15 million tons and 3.36 million tons, respectively. In comparison, petrol consumption in October, September and August last year was 3.14 million tons, 3.06 million tons and 3.09 million tons, respectively. This showed how petrol consumption has gradually increased across India.

On the other hand, diesel consumption in October, September and August this year was 7.64 million tons, 6.37 million tons and 6.50 million tons, respectively, as compared to 7.63 million tons, 6.49 million tons and 6.67 million tons recorded in respectively months last year.

India's overall fuel consumption in October increased by 2.9 per cent year-on-year to 20.04 million metric tons, driven by increased economic activity during the festive season. On a monthly basis, fuel demand was up 11.7 per cent last month compared to 17.94 million tons recorded in September this year, data from the Petroleum Planning and Analysis Cell's (PPAC) website showed.

India is the third-largest consumer and importer of oil in the world. The fuel consumption data is a proxy for the country's oil demand. Over the last couple of months, diesel consumption witnessed a drag owing to the strong monsoon. However, with the monsoon over and the festive season's economic activity boosting vehicular activities, diesel consumption surged last month.

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