Fuel Demand In September Steady, Rising Global Prices Cloud Recovery

1 week ago 27

Fuel Demand In September Steady, Rising Global Prices Cloud Recovery

Diesel income roseate somewhat from the aforesaid play past year.

The country's September substance depletion crawled higher month-on-month arsenic economical enactment continued to ramp up, authorities information showed connected Wednesday, but soaring planetary lipid prices could stall a betterment successful the world's third-biggest lipid importer and consumer.

Fuel consumption, a proxy for lipid demand, totalled 15.92 cardinal tonnes past month, up somewhat from August and 5.2 per cent higher than successful September 2020, information connected the Petroleum Planning and Analysis Cell (PPAC) website.

But overall, depletion was inactive 1.7 per cent below September 2019. Monsoon rains and shipping constraints had prompted a dip successful depletion successful August.

Petrol income slipped 3.5 per cent from August, but climbed six per cent year-on-year and 9.5 per cent from September 2019.

Increased idiosyncratic mobility drove petrol demand, "which has intelligibly moved supra pre-COVID levels", said Hetal Gandhi, manager astatine CRISIL Research.

Consumption of diesel, which accustomed accounts for astir 40 per cent of refined substance sales, besides eased 1.7 per cent month-on-month to 5.51 cardinal tonnes, and was 5.6 per cent lower compared with September 2019.

But diesel income roseate somewhat from the aforesaid play past year. "While wide diesel request inactive remains beneath pre-COVID levels, a betterment is successful enactment with a unreserved up of the festive season," Gandhi added.

However, soaring planetary crude prices could dilatory the rebound, with India signalling precocious past period that elevated planetary lipid prices could besides velocity up the modulation to alternate vigor sources. [O/R]

"I spot a gradual betterment successful request from here, but precocious lipid prices could airs a superior occupation for Indian consumers," Refinitiv expert Ehsan Ul Haq said.

Versus a twelvemonth ago, income of liquefied petroleum state (LPG) accrued 4.5 per cent to 2.36 cardinal tonnes, portion naphtha income fell 0.5 per cent to 1.11 cardinal tonnes. Sales of bitumen, utilized for making roads, were up 7.2 per cent, portion substance lipid usage roseate 21 per cent.

(Except for the headline, this communicative has not been edited by NDTV unit and is published from a syndicated feed.)

Read Entire Article