Daily sales of gas oil from state refineries fell in May
NEW DELHI:
Daily sales of gas oil from Indian state refineries fell in May from April as lower consumer spending curtailed truck transport in the country, preliminary fuel sales data showed.
Sales of gas oil, which account for about two-fifths of India’s total refined fuel consumption, are directly linked to industrial activity in Asia’s third-largest economy.
Average daily gas oil sales from state refineries were 220,200 tons, down about 1.5 percent from April, while gasoline sales rose 4.7 percent to 90,100 tons, the data shows.
Wholesale price inflation of 15 percent limited consumer spending across the country in May, while freight supply by industries also declined, the Indian Foundation of Transport Research and Training said in a statement.
Also, the more than 4 percent depreciation of the rupee against the US dollar this year has made imported items more expensive.
The Indian Manufacturing Purchasing Managers’ Index, compiled by S&P Global, came in at 54.6 in May, slightly down from April’s 54.7.
Fuel sales, however, were higher in May than last year, when the country was hit by a second deadly wave of the coronavirus.
The state-run Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp – which together dominate the Indian fuel market – own about 90 percent of the fuel stores in the country.
Gasoline sales in India have soared since the country eased its pandemic lockdown as people continued to prefer using personal vehicles over public transport for safety reasons and to avoid heat waves.
