NEW DELHI (Reuters) – Daily gasoil sales of Indian state refiners declined in May from April as lower consumer spending curtailed truck movement in the country, preliminary fuel sales data showed.
Sales of gasoil, which accounts for about two-fifths of India’s overall refined fuel consumption, is directly linked to industrial activity in Asia’s third-largest economy.
Average daily gasoil sales of state refiners was 220,200 tonnes, a decline of about 1.5% from April, while gasoline sales rose 4.7% to 90,100 tonnes, the data showed.
Wholesale price inflation of 15% limited consumer spending across the country in May while cargo offering by industries declined as well, said Indian Foundation of Transport Research and Training in a statement.
Also, the rupee’s more than 4% depreciation against the U.S. dollar this year has made imported items costlier.
India’s Manufacturing Purchasing Managers’ Index, compiled by S&P Global, came in at 54.6 in May, slightly lower than April’s 54.7.
Fuel sales in May was, however, higher than last year, when the country was hit by a second deadly wave of the coronavirus.
State-run Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp – which together dominate India’s retail fuel market – own about 90% of the country’s retail fuel outlets.
India’s gasoline sales have been rising since the country eased pandemic lockdown, as people continued to prefer using personal vehicles over public transport for safety reasons and to avoid heat waves.
Below is a table of India’s daily preliminary fuel sales data with volumes in thousand tonnes.
Refined fuel May %chg %chg %Chg vs %Chg vs
2022 mth/mth yr/yr 2020 2019
Gasoline 90.1 4.7 55.7 75.9 12.0
Gasoil 220.2 -1.5 39.4 41.5 -2.3
Jet Fuel 17.4 4.0 110.2 401.4 -16.1
Liquefied 70.7 -4.1 1.5 -4.8 7.6
Petroleum Gas
(Reporting by Nidhi Verma; Editing by Devika Syamnath)
