Fuel demand grows 4.5% in February, after 2 months of decline

Fuel demand grows 4.5% in February, after 2 months of decline

NEW DELHI: India’s gasoline demand grew 4.5% in February from a 12 months earlier, the primary enhance in two months, authorities knowledge confirmed, indicating some restoration within the nation’s industrial exercise over the past month.
Consumption of refined fuels, a proxy for oil demand, totalled 18.22 million tonnes in February (roughly 5 million barrels a day), knowledge from the Petroleum Planning and Evaluation Cell (PPAC) of the oil ministry confirmed on Thursday.
That might be consistent with the newest report from the Worldwide Power Company that mentioned India’s oil demand would rise by 2.6% this 12 months to five.13 million barrels per day.
The demand for gasoline utilized in passenger autos rose in February at its quickest since Could final 12 months, rising about 11.2% from a 12 months earlier to 2.51 million tonnes. Diesel grew at its quickest in three months, rising 6.3% from a 12 months earlier to 7.16 million tonnes, the information confirmed.
Diesel is utilized by vans and heavy autos for transporting items, and for powering turbines and different gear in industrial actions like mining and manufacturing.
India’s gasoline demand might ease in March because the variety of individuals within the nation testing optimistic for the coronavirus is rising and the federal government has issued journey advisories, resulting in the cancellation of air tickets and motels.
India has mentioned it expects its refined merchandise demand to rebound by 3.8% within the monetary 12 months starting April 1, monitoring improved financial progress, though the federal government estimates have been made in January and don’t take note of any impression from the unfold of the coronavirus.
Cooking fuel, or liquefied petroleum fuel (LPG), gross sales fell 4.3% from a 12 months earlier to 2.12 million tonnes, and naphtha gross sales rose 6.7% to 1.28 million tonnes.
Gross sales of bitumen, used for making roads, have been up about 1.4% from the identical month final 12 months, and gasoline oil use slipped 5.1%.

Source link

Leave a Reply