AIRLINK 172.80 Decreased By ▼ -2.93 (-1.67%)
BOP 13.21 Increased By ▲ 0.09 (0.69%)
CNERGY 7.43 Decreased By ▼ -0.11 (-1.46%)
FCCL 43.47 Decreased By ▼ -0.44 (-1%)
FFL 14.91 Decreased By ▼ -0.10 (-0.67%)
FLYNG 26.50 Decreased By ▼ -0.40 (-1.49%)
HUBC 129.31 Decreased By ▼ -0.92 (-0.71%)
HUMNL 13.30 Decreased By ▼ -0.04 (-0.3%)
KEL 4.45 Decreased By ▼ -0.05 (-1.11%)
KOSM 6.00 Decreased By ▼ -0.06 (-0.99%)
MLCF 55.42 Decreased By ▼ -0.61 (-1.09%)
OGDC 213.30 Decreased By ▼ -1.47 (-0.68%)
PACE 5.89 Decreased By ▼ -0.09 (-1.51%)
PAEL 41.15 Increased By ▲ 0.25 (0.61%)
PIAHCLA 16.62 Increased By ▲ 0.30 (1.84%)
PIBTL 9.58 Decreased By ▼ -0.17 (-1.74%)
POWER 11.56 Decreased By ▼ -0.20 (-1.7%)
PPL 179.23 Decreased By ▼ -2.25 (-1.24%)
PRL 33.80 Decreased By ▼ -0.42 (-1.23%)
PTC 22.85 Decreased By ▼ -0.21 (-0.91%)
SEARL 94.01 Decreased By ▼ -1.71 (-1.79%)
SILK 1.17 Increased By ▲ 0.03 (2.63%)
SSGC 35.10 Decreased By ▼ -0.35 (-0.99%)
SYM 15.79 Increased By ▲ 0.04 (0.25%)
TELE 7.83 Decreased By ▼ -0.04 (-0.51%)
TPLP 10.83 Decreased By ▼ -0.15 (-1.37%)
TRG 60.80 Increased By ▲ 0.30 (0.5%)
WAVESAPP 10.68 Decreased By ▼ -0.13 (-1.2%)
WTL 1.33 Decreased By ▼ -0.02 (-1.48%)
YOUW 3.80 Increased By ▲ 0.03 (0.8%)
BR100 12,052 Decreased By -1.3 (-0.01%)
BR30 36,449 Decreased By -17.8 (-0.05%)
KSE100 113,914 Decreased By -442.7 (-0.39%)
KSE30 35,124 Decreased By -222.7 (-0.63%)

India's fuel consumption, a proxy for oil demand, rose to its highest in four months in the festival month of October, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Monday.

Consumption in October was 6.7% higher than the previous month, while also up 3.4% year-on-year at 18.37 million tonnes, the data showed.

The data indicates that "the negative impact of the monsoon season is now coming to an end," Refinitiv analyst Ehsan Ul Haq said.

"I expect fuel demand to grow significantly, as car sales have picked up. With several refineries coming back from maintenance, crude runs will also increase," Ul Haq added. "On the whole, a positive outlook and the best is yet to come."

India defers tax levy on unblended, dirtier fuel amid rising prices

India celebrated the major festivals of Dussehra and Diwali last month, buying everything from cars, houses and television sets to travel and jewellery, according to early data, giving a fillip to growth prospects despite economic gloom elsewhere in the world.

Indian state fuel retailers' diesel sales also surged in October from the previous month, preliminary sales data showed last week, indicating a pickup in industrial activity.

Sales of gasoline, or petrol, were up 8.8% from 2021 at 2.99 million tonnes, while diesel rose 5.5% at 6.98 million tonnes, the PPAC showed.

Cooking gas or liquefied petroleum gas (LPG) sales decreased 3.3% to 2.40 million tonnes, while naphtha sales fell 24% to 0.96 million tonnes.

Sales of bitumen, used for making roads, were 11.4% lower, while fuel oil use edged up 1% in October.

Comments

Comments are closed.