India’s gas gross sales fell within the first half of April as a file rise in costs in a brief 16-day interval dented demand, preliminary business information confirmed on Saturday. Petrol gross sales fell virtually 10 per cent within the first half of April when put next with the identical interval within the previous month, whereas diesel demand slid 15.6 per cent.
Even cooking gasoline LPG, which had persistently proven progress even in the course of the pandemic interval, noticed a 1.7 per cent month-on-month fall in consumption throughout April 1-15.
State-owned oil companies on March 22 ended a 137-day hiatus in price revision and commenced passing on a USD 30 per barrel improve in price of uncooked materials (crude oil) throughout that interval when 5 states together with Uttar Pradesh went to polls. Petrol and diesel costs rose by Rs 10 per litre between March 22 and April 6 — the very best ever improve throughout a 16-day interval since gas costs have been deregulated twenty years again.
On March 22, cooking gasoline costs too have been hiked by Rs 50 per cylinder to Rs 949.50 — the highest-ever price for the subsidised gas. Jet gas costs too climbed to the highest-ever Rs 1,13,202.33 per kilolitre, leading to a 20.5 per cent fall in gross sales month-on-month.
In the primary two weeks of March, sellers in addition to the general public topped up their tanks in anticipation of a rise in costs that had been on maintain within the run-up to the elections in states like Uttar Pradesh. While each day worth revisions restarted on March 22, the will increase have been calibrated. The worth will increase moderated the consumption.
Petrol gross sales by state-owned gas retailers, which management roughly 90 per cent of the market, at 1.12 million tonnes throughout April 1-15 have been practically 12.1 per cent increased than the identical interval final 12 months and 19.6 per cent increased than the interval in 2019, preliminary business information confirmed.
The consumption was, nevertheless, 9.7 per cent decrease than the 1.24 million tonnes gross sales in the identical interval in March 2022. Diesel, the most-used gas within the nation, noticed gross sales leaping 7.4 per cent year-on-year to virtually 3 million tonnes.
This was 4.8 per cent increased than gross sales in March 2019, however 15.6 per cent decrease than 3.53 million tonnes consumption throughout March 1-15.
Petrol and diesel gross sales had risen 18 per cent and 23.7 per cent respectively within the first half of March when a lot of the hoarding on worth hike expectations passed off. Diesel gross sales throughout March have been probably the most in any month within the final two years and greater than the full quantity of diesel offered in April 2020 when the nation was below a whole lockdown.
Industry sources mentioned whereas there was panic shopping for by particular person automobile house owners within the first half of March, petrol pump sellers topped up not simply their storage tanks but in addition any cellular browser or tanker truck that they had. The sellers hoped to make a fast buck by shopping for gas at a decrease price and promoting at revised increased costs. As costs have been raised, consumption fell
Petrol and diesel costs hit the freeze button simply as electioneering in 5 states together with Uttar Pradesh picked up in early November 2021. The file 137-day freeze ended on March 22.
Jet gas (ATF) gross sales rose 9.8 per cent to 231,400 tonnes in April 1-15 however have been 25.9 per cent lower than pre-COVID ranges of 2019. The gross sales have been, nevertheless, 1.7 per cent lower than 235,400 tonnes gross sales within the first half of March 2022. ATF gross sales are anticipated to select up with the entire opening up of air journey final week.
India went in for an entire lockdown, stopping flights, halting rail and street actions and shutting companies, within the final week of March 2020 to include the unfold of coronavirus. The March 2020 interval was close to regular as COVID restrictions have been simply kicking in.
The authorities gave free LPG cylinders throughout 2020 to assist poor combat the fallout of the stringent lockdown. This helped state oil companies register progress month after month at the same time as different transport fuels noticed extreme demand contraction. But within the first half of April, LPG consumption fell 0.7 per cent year-on-year to 1.02 million tonnes. This was 4 per cent decrease than April 2020 and 20.5 per cent decrease than 1.3 million tonnes demand in March 1-15, 2022.
Cooking gasoline gross sales moderated after a Rs 50 per cylinder hike in costs on March 22. LPG gross sales had risen by 17 per cent within the first half of March. But in comparison with the primary fortnight of April 2019, the gross sales have been up 16.5 per cent, the information confirmed.