OIL & GAS

India’s Daily Gasoline Sales In February Rise 1.5% Y/Y, Diesel Sales Fall 5.3% – Prelim Data

Indian state refiners’ daily gasoline sales in February rose by 1.5% from a year earlier, its slowest pace of growth in six months, preliminary industry data showed, as record-high retail prices hit consumption.

State-refiners’ daily diesel sales, which are related closely to economic growth and account for about 40% of overall refined fuel sales in India, fell by 5.3% in February, the largest decline in three months, the data showed.

Gasoline and gasoil prices in India have risen to record highs, mirroring global markets. Taxes account for about 61% of retail gasoline prices and about 56% of diesel prices.

State fuel retailers sold 2.22 million tonnes of gasoline and 5.81 million tonnes of diesel last month, the data provided by an industry source showed.

State companies – Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum – own about 90% of India’s retail fuel outlets.

Source
business world
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