India's Nov gasoil sales growth slows m/m - prelim data

  • 12/1/2021
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India"s daily gasoil consumption grew 7% in November from the previous month, preliminary sales data of state fuel retailers showed, slowing from a 16% increase in October as demand for the fuel usually tapers after the festival season. India"s festival season ended in early November with the celebration of Diwali, a festival of lights. The state retailers daily sold about 191,370 tonnes of gasoil last month, a decline of about 8.1% from last year and 14.4% from November 2019, the data showed. "Last month about 15%-20% trucking fleet was off the road as drivers go home for 10-15 days from Diwali," said SP Singh, senior fellow at Indian Foundation of Transport Research & Training. Gasoil accounts for about two-fifth of refined fuel consumption in India and is directly linked to industrial activity. India"s manufacturing activity in November grew at the fastest pace in 10 months, buoyed by a strong pick-up in demand, according to a survey by IHS Markit"s Purchasing Managers" Index (INPMI=ECI). "After 2019, we are witnessing a bumper time. Freights have gone up and truckers are making money because of demand from industries," he said. Daily gasoline sales in November were at about 79,400 tonnes, a growth of about 5% from the previous month as motorists prefer to use personal vehicles for safety reasons. State retailers - Indian Oil Corp (IOC.NS), Bharat Petroleum Corp and Hindustan Petroleum Corp (HPCL.NS) - control about 90% of the fuel stations in the country. With the easing of COVID-induced restrictions, India"s jet fuel sales cotinued to rise in November. However, fears over the spread of the Omicron variant could hit jet fuel demand. Below is a table of India" preliminary daily fuel sales data with volumes in thousand tonnes. Refined Fuel Nov 2021 %Chg mth/mth %Chg yr/yr %Chg vs Nov 2019 Gasoline 79.4 5.0 -0.9 4.0 Gasoil 191.3 7.0 -8.1 -14.4 Jet Fuel 15.3 12.0 28.9 -31.6 Liquefied Petroleum Gas 79.1 1.0 0.5 5.1 Reporting by Nidhi Verma; Editing by Sherry Jacob-Phillips

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