Gasoline sales rose 14% in the first half of May.

New Delhi:

Consumption of gasoline and diesel in India rose sharply in May as economic activity up and the harvest season started, helping to recover demand, preliminary industry showed on Monday.

Gasoline sales rose 14% in the first half of May compared with the same period a month earlier, while diesel demand rose 1.8%. Sales of LPG, whose consumption fell last month, rose 2.8% between May 1 and 15 due to high prices.

State- fuel retailers control about 90 percent of the market, with gasoline sales of 1.28 million tonnes between May 1 and 15, up 59.7 percent from a year earlier and 16.3 percent from the same period in 2019, preliminary industry showed.

Consumption was 13.9% higher than the 1.12 million tonnes sold in the first half of April 2022.

Sales of diesel, the most used fuel in the country, rose 37.8% year-on-year to 3.05 million tonnes in the first half of May. However, this was 1.5% lower than April 2019 sales. This is 1.8% higher than the 2.99 million tonnes consumed in the period from April 1 to 15 this year.

Industry sources said consumption up in May as demand picked up as high cut demand last month. The start of the harvest season is also helping demand.

Another factor is the low base effect. Consumption fell in April as petrol and diesel rose by Rs 10 a litre after a more than four-month hiatus.

The price of cooking gas was raised by Rs 50 per bottle on March and May 7, 2022, but consumption has also declined due to higher rates. Sales of 1.05 million tonnes of LPG fell by 5.4% between May 1 and 15 compared to the same period last year. It was 12% lower than the same period in May 2020, but 9.4% higher than 2019.

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Compared with the 1.02 million tonnes sold in the first half of April 2022, LPG demand increased by 2.8% mom.

Aviation fuel (ATF) sales rose 83.5% to 500,400 tonnes to 251,400 tonnes between May 1 and 15, but were 18.7% below 2019 pre-COVID-19 levels. However, they were 7.7% higher than the sales in the first quarter and half of April 2022.

ATF sales are expected to continue to pick up as air travel fully reopens.


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