Thursday, November 26, 2020
Home Business News India's October fuel demand marks first year-on-year gain in 8 months -...

India’s October fuel demand marks first year-on-year gain in 8 months – Times of India


NEW DELHI: India’s fuel consumption in October posted its first year-on-year increase since February, as slowing coronavirus cases and increased mobility accelerated an economic recovery, data showed on Thursday.
Consumption of refined fuels, a proxy for oil demand, rose 2.5% in October from the prior year to 17.78 million tonnes and nearly 15% higher from the previous month, data from the Petroleum Planning and Analysis Cell (PPAC) of the ministry of petroleum & natural gas showed.
“GST (Goods and Services Tax) collections, power demand, PMI etc all are indicating increased economic activity and COVID cases are also coming down to a point where demand is coming back to normalcy,” said K Ravichandran, senior vice president at Icra, a unit of Moody’s Investors Service.
With public transportation gradually picking up, fuel demand is expected to improve further, he added.
India’s daily Covid-19 case count has steadily declined since September, although total cases remain north of 8.5 million- the second highest in the world.
Activity in India’s dominant services industry also expanded for the first time in eight months in October as demand surged.
Diesel consumption, a key parameter linked to economic growth and which accounts for about 40% of overall refined fuel sales in India, rose 7.4% to 6.99 million tonnes on an annual basis, and climbed about 27% month-on-month.
Sales of gasoline, or petrol, rose by 4.3% from a year earlier to 2.65 million tonnes, and by 8.2% from 2.45 million tonnes from September.
Cooking gas or liquefied petroleum gas (LPG) sales increased by 3% to 2.42 million tonnes from a year earlier and 6.6% from the previous month, while naphtha sales rose 15% to 1.30 million tonnes and about 14% month-on-month.
Sales of bitumen, used for making roads, rose about 47% versus last year, and fuel oil increased by about 12.8% last month.



Source link

Avatar
Sahilhttp://digitalguruji.org
In this blog our main motive is to provide you all kind of latest information about technology, politics, sports, and health. If you want to read this information then you should have to visit our website. This information will help you to increase your knowledge.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Xiaomi Redmi Note 7 and Redmi Note 7S start receiving MIUI 12 update in India – Times of India

NEW DELHI: Smartphone maker Xiaomi has started rolling out MIUI 12 update for its Redmi Note 7 and Redmi Note...

Vivo Y1s: Vivo Y1s with MediaTek Helio P35 and 4030mAh battery launched – Times of India

Vivo has expanded its range of smartphones in India with the launch of Vivo Y1s. The handset is listed on the...

IT Ministry partners with IBM to equip youth with future-ready skills – Times of India

NEW DELHI: IBM India on Thursday said it has collaborated with the Union Ministry of Electronics and Information Technology (MeitY) to create a...

Turkish court jails 27 for life over 2016 coup attempt – Times of India

ANKARA: A Turkish court jailed 27 former pilots and other suspects for life in one of the largest trials stemming from the bloody...

Recent Comments