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Record high pump prices hit India’s gasoline, gasoil sales in Feb

Indian state refiners’ gasoline sales in the primary two weeks of February fell under pre-pandemic ranges, the primary decline in about six months, preliminary business knowledge confirmed, as file high retail prices hit consumption.

Diesel sales, that are associated intently to financial progress and account for about 40% of total refined gas sales in India, fell by 8.6% in the primary half of February, the most important decline since August final year, the information confirmed.

Gasoline and gasoil prices in India have risen to a file high, mirroring world markets. Taxes account for about 61% of retail gasoline prices and about 56% of diesel prices.

State gas retailers bought 1.03 million tonnes of gasoline and a couple of.84 million tonnes of diesel from Feb. 1-15, the information offered by an business supply confirmed.

“Definitely sales of petrol and diesel have declined in the last few days. People are feeling the pinch of high oil prices,” mentioned Ajay Bansal, president of the All India Petroleum Dealers Association.

State firms – Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum – personal about 90% of India’s retail gas shops.

“First area where the customers vent their anger or show their grievance is the petrol pump to our staff and we have been seeing it,” Bansal mentioned.

Rising diesel and petrol prices may push up inflation, making it tougher for the Reserve Bank of India (RBI) to proceed its accommodative financial coverage.

“Pump prices of petrol and diesel have reached historical highs. An unwinding of taxes on petroleum products by both the centre and the states could ease the cost push pressures,” the RBI mentioned in its coverage doc earlier this month.

State retailers bought 1.2 million tonnes of liquefied petroleum fuel in the primary half of this month, 5.4% increased than final year, whereas jet gas sales declined by 41.3% as curbs on air journey remained in place, the information confirmed.

This story has been revealed from a wire company feed with out modifications to the textual content.

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