OIL & GAS

Despite high prices, India’s petrol consumption grew 10 per cent in fourth quarter

India consumed 7.8 million tonne (MT) of petrol in the fourth quarter ended March 2021, a 9.7 per cent jump as compared to 7.12 MT of the fuel consumed in the same quarter previous fiscal year (2019-20), despite record high prices.

Consumption of diesel, the other key automobile fuel, also increased 4.1 per cent to 20.60 MT during the Jan-March 2021 quarter, research firm ICICI Securities said in a report today. Overall, consumption of all petroleum products was up 2.5 per cent during the quarter.

The three months period was marked by record high retail rates of the fuels. Non-branded petrol was priced in range between Rs 81 per liter and Rs 90 per liter while Diesel was priced between Rs 73 per liter and Rs 80 per liter in Delhi during the quarter.

Brent crude oil price averaged $60.7 per barrel in the fourth quarter 2020-21, a 20 per cent jump over $50.60 per barrel recorded in the corresponding quarter previous fiscal (2019-20) and 36 per cent higher than $44.60 per barrel in the third quarter of 2020-21.

Source
ET Energy World
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