BackJune fuel sales up on higher demand
June fuel sales up on higher demand
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New Delhi: India’s annual domestic oil product sales rose 1.8% to 12 million tonnes in June, slower growth than in the previous month, despite higher demand for auto fuel, government data showed on Friday.
Auto fuel sales, including petrol and diesel, rose as dealers stocked the fuel in anticipation of a hike in prices.
The government ended control on retail prices of petrol and raised the prices of diesel, cooking gas and kerosene late in June.
The International Energy Agency expects India’s fuel demand to rise to 2% in 2010 from a year ago and 3.2% in 2011.
The Paris-based agency, which advises 28 industrialized countries, expects global oil demand to grow by 1.77 million bpd this year and by 1.35 million bpd next year to 87.84 million bpd.
Petrol sales rose an annual 12.7%, with the additional impetus of a 30% jump in car sales as rising incomes and a rapidly expanding economy pulled buyers to showrooms.
Diesel sales grew by 7.1% in June, indicating higher demand from farm and industrial sectors. Diesel runs pump sets used for irrigating farm lands.
Industrial output rose 11.5% in May from a year earlier, its slowest pace in seven months. Data for June will be released on 12 August.
The crude imports declined and fuel imports rose in June, when the growth in country’s refinery output slowed to 2.9% due to some planned maintenance shutdowns and softened refining margins in Asia.
Fuel exports rose 21.6% in the month from a year earlier, while imports rose 32.8%.
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