Petrol and diesel sales in May are still down by about 36% and 31% respectively from a year earlier, after contracting more than 50% in April year on year.
Industry analysts expect a full-scale recovery to pre-COVID-19 consumption levels in India soon
India’s petrol and diesel sales in jumped sharply in May compared with April in a recovery from historic lows, after a partial easing of the lockdown imposed to curb the coronavirus pandemic, provisional sales data showed on Monday.
But industry analysts expect a full-scale recovery to pre-COVID-19 consumption levels in India to be months away as the monsoon season approaches while manufacturing activities remain low and transportation demand takes a hit in some parts of the country.
State-retailers’ petrol sales in May rose by about 83% from April to about 1.6 million tonnes. Sales of diesel, which accounts for about two-fifths of the country’s overall fuel sales, rose by about 69% in May compared with April to 4.8 million tonnes, provisional sales data from state fuel retailers showed.
However, petrol and diesel sales in May are still down by about 36% and 31% respectively from a year earlier, after contracting more than 50% in April year on year.
State companies Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum own about 90% of the retail fuel outlets in India.
The sources who provided the provisional industry data asked not to be identified citing confidentiality.
Sales of liquefied petroleum gas (LPG) rose 13% in May from a year ago while jet fuel declined by 85% during the same period.
“April likely marked the nadir with diesel demand slumping by more than 50% y-o-y,” said Emma Richards, senior oil & gas analyst at Fitch Solutions.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
For the latest news and updates, follow us on Google News. Also, if you like our efforts, consider sharing this story with your friends, this will encourage us to bring more exciting updates for you.