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India Fuel Consumption Picks Up in June as Lockdowns Ease

NEW DELHI (Reuters) -India’s auto fuel demand picked up in June as economic activity accelerated after the easing of pandemic-related lockdowns, preliminary sales data showed on Thursday.

State-run refiners sold 2.12 million tonnes of gasoline last month, up 29.35% from May and about 5.7% from the year-earlier period.

Sales of gasoil, which accounts for about two-fifths of India’s overall refined fuel consumption and is directly linked to industrial activity in Asia’s third-largest economy, rose 18.5% from May to 5.36 million tonnes, but were down 1.84% from June 2020.

Compared to June 2019, demand for gasoline and gasoil last month slipped 10.4% and 18.8%, respectively.

Fuel demand in India would recover to pre-pandemic levels by the end of this year after being hit by a deadly second wave of coronavirus, oil minister Dharmendra Pradhan said on Tuesday.

In May, local fuel consumption, a proxy for oil demand, slumped to its lowest since last August as lockdowns and travel restrictions in several states stalled mobility and muted economic activity.

State-run Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp Ltd own about 90% of India’s retail fuel outlets.

Below is a table of India’ preliminary daily fuel sales data with volumes in million tonnes.

Product June 2021 % chg % chg %chg vs

mth/mth yr/yr June 2019

Gasoline 2.12 29.35 5.66 -10.39

Gasoil 5.36 18.51 -1.84 -18.84

Jet Fuel 0.23 -4.2 9.86 -61.75

Liquefied 2.24 6.44 9.52 26.31

Petroleum Gas

Reporting by Nidhi Verma, Editing by Subhranshu Sahu

Source: Reuters

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