GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Petrol, Diesel Demand Rise to Record Highs in May Despite Price Touching All-time High

Last month, petrol and diesel pump prices in India surged to record highs, raising pressure on Prime Minister Narendra Modi's government to find a solution to provide relief to consumers without taking a hit on its finances.

Reuters

Updated:June 11, 2018, 9:26 PM IST
facebookTwittergoogleskypewhatsapp
Petrol, Diesel Demand Rise to Record Highs in May Despite Price Touching All-time High
Representative image.
Loading...
India's domestic sales for diesel and petrol rose to record highs in May, pushing the country's overall fuel consumption for the month higher year-on-year, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Saturday.

Fuel consumption, a proxy for oil demand, totalled 18.72 million tonnes last month, during which diesel sales soared to 7.55 million tonnes and petrol consumption climbed to 2.46 million tonnes - the highest monthly sales figures in PPAC data going back to April 1998.

India, the world's third-largest oil consumer, used 35.2 million tonnes of diesel during January to May this year, up 6 percent from the corresponding period last year.

The country's monthly diesel sales have averaged 7.05 million tonnes in 2018, compared with a monthly average consumption of 6.6 million tonnes last year.

Sales of gasoline, or petrol, rose 7.6 percent in May from April and are up 2 percent from the same month last year. Monthly demand for petrol has averaged 2.27 million tonnes this year, up 7 percent from the 2017 average of 2.12 million tonnes.

Diesel consumption growth during the calendar year of 2018 may be more than double from last year, analysts and traders told Reuters, aided by an expected regular monsoon that should boost demand for diesel used in harvesting, while the government targets massive infrastructure spending.

More than half of India's population is employed in the farm sector, which depends on diesel to fuel the pumps for land irrigation.

Higher domestic consumption in India, however, may cap the country's capacity to export diesel.

India's diesel exports during March to April this year were 3.79 million tonnes, down 22 percent from 4.87 million tonnes of the industrial fuel exported during the same time last year.

Last month, petrol and diesel pump prices in India surged to record highs, raising pressure on Prime Minister Narendra Modi's government to find a solution to provide relief to consumers without taking a hit on its finances.

The recent rise in global crude prices was largely behind the surge in domestic prices, but fuel is also heavily taxed by India's state and union authorities, accounting for about half the cost of petrol and 40 percent of the diesel price.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,136.40 0.58
Zee Entertain 462.70 -7.80
Yes Bank 179.00 -1.10
Sun Pharma 433.45 2.97
ICICI Bank 362.25 1.06
Company Price Change %Gain
ICICI Bank 362.35 1.22
HDFC 1,953.15 -0.31
Infosys 676.35 -2.48
Sun Pharma 433.10 2.98
Yes Bank 178.90 -1.21
Top Gainers
Company Price Change %Gain
Sun Pharma 433.45 2.97
Bajaj Finance 2,532.20 2.34
Power Grid Corp 196.35 1.97
M&M 770.95 1.93
JSW Steel 305.45 1.87
Company Price Change %Gain
Sun Pharma 433.10 2.98
Power Grid Corp 196.65 2.16
M&M 770.80 1.62
Vedanta 208.90 1.58
Asian Paints 1,354.45 1.47
Top Losers
Company Price Change %Gain
Zee Entertain 462.70 -7.80
UPL 743.65 -3.18
Infosys 676.60 -2.56
Tech Mahindra 709.00 -1.49
Wipro 335.05 -1.34
Company Price Change %Gain
Infosys 676.35 -2.48
Wipro 335.40 -1.29
Yes Bank 178.90 -1.21
ITC 278.00 -0.75
HUL 1,841.10 -0.56

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results