India’s petrol and diesel sales growth moderated in April whereas cooking gasoline LPG consumption fell as document high prices dented demand, preliminary trade knowledge confirmed on Sunday.
Petrol sales growth moderated to 2.1 per cent in April when put next with the identical interval in the previous month, whereas diesel demand was virtually flat. Cooking gasoline LPG, which had constantly proven growth even through the pandemic interval, noticed a large 9.1 per cent month-on-month drop in consumption throughout April.
State-owned oil corporations had on March 22 ended a 137-day hiatus in rate revision and commenced passing a USD 30 per barrel enhance in price of uncooked materials (crude oil) throughout that interval when 5 states together with Uttar Pradesh went to polls.
Petrol and diesel prices rose by Rs 10 per litre between March 22 and April 6 — the highest-ever enhance throughout a 16-day interval since gas prices had been deregulated twenty years again.
On March 22, cooking gasoline prices too had been hiked by Rs 50 per cylinder to Rs 949.50 — the highest-ever rate for the subsidised gas.
The value will increase moderated the consumption.
Petrol sales by state-owned gas retailers, which management roughly 90 per cent of the market, at 2.58 million tonnes throughout April had been almost 20.4 per cent greater than the identical interval final year and 15.5 per cent greater than the interval in 2019, preliminary trade knowledge confirmed.
The consumption was, nevertheless, simply 2.1 per cent greater than the two.52 million tonnes sales in March 2022.
Diesel, the most-used gas in the nation, noticed sales leaping 13.3 per cent year-on-year to six.69 million tonnes. This was 2.1 per cent greater than sales in April 2019. But this was simply 0.3 per cent greater than 6.67 million tonnes consumption throughout March.
Petrol and diesel sales had risen 18 per cent and 23.7 per cent respectively in the primary half of March when sellers and customers hoarded gas on value hike expectations.
Diesel sales throughout March had been essentially the most in any month in the final two years and greater than the whole quantity of diesel bought in April 2020 when the nation was beneath a whole lockdown.
Industry sources stated whereas there was a panic shopping for by particular person car house owners in the primary half of March, petrol pump sellers topped up not simply their storage tanks but additionally any cellular browser or tanker truck that they had. The sellers hoped to make a fast buck by shopping for gas at a decrease rate and promoting at revised greater prices.
As prices had been raised, consumption fell.
Petrol and diesel prices hit the freeze button simply as electioneering for 5 states together with Uttar Pradesh picked up in early November 2021. The document 137-day freeze ended on March 22.
Jet gas (ATF) sales rose 28.3 per cent to 500,400 tonnes in April however had been 29.2 per cent lower than pre-COVID ranges of 2019. They had been, nevertheless, 5.1 per cent greater than the sales in March 2022.
ATF sales are anticipated to select up with the entire opening up of air journey.
India went in for an entire lockdown, stopping flights, halting rail and highway actions and shutting companies, in the final week of March 2020 to comprise the unfold of coronavirus. The March 2020 interval was close to regular as COVID restrictions had been simply kicking in.
The authorities gave free LPG cylinders throughout 2020 to assist poor battle the fallout of the stringent lockdown. This helped state oil corporations register growth month after month whilst different transport gas noticed extreme demand contraction.
But in April, LPG consumption fell 9.1 per cent month-on-month to 2.2 million tonnes. This was 5.1 per cent greater than April 2021.
Cooking gasoline sales moderated after a Rs 50 per cylinder hike in prices on March 22. LPG sales had risen by 17 per cent in the primary half of March.