Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

India's November diesel sales plunge after rising in October

12/01/2020 | 05:37am EST
FILE PHOTO: A worker fills diesel in a container at a fuel station in Kolkata

NEW DELHI (Reuters) - India's diesel sales fell 7% in November from a year earlier, after rising in the previous month, according to preliminary data on state refiners' fuel sales, signalling industrial activity is still slow to pick up after a national lockdown was eased.

Diesel sales in India, the world's third biggest oil importer and consumer, had risen in October for the first time in eight months due to pent-up demand ahead of the festival season.

Diesel consumption, a key parameter linked to economic growth and which accounts for about 40% of overall refined fuel sales in India, totalled about 6.21 million tonnes in November.

On a month on month basis, sales of diesel by state refiners rose 8% in November from October, reflecting some improvement in activity but the year-on-year decline suggests activity is still well below levels of a year ago.

The three state refiners - Indian Oil Corp, - Hindustan Petroleum Corp and Bharat Petroleum Corp - together operate 90% of the retail fuel stations in the country.

The contraction of the Indian economy eased off in the three months to September amid signs of a pick-up in manufacturing, and economists expect a steady recovery next year if progress on coronavirus vaccines spurs consumer demand.

Sales of gasoline rose 4.9% in November from a year earlier to 2.4 million tonnes, or growth of about 8% from October, the data showed.

Sales of liquefied petroleum gas (LPG) during the month rose 4.5% from a year earlier to 2.36 million tonnes, while jet fuel sales declined by 48% to 346,000 tonnes as air travel was still largely restricted.

(Reporting by Nidhi Verma; Writing by Sudarshan Varadhan; Editing by Louise Heavens and Susan Fenton)

By Nidhi Verma


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BHARAT PETROLEUM CORPORATION LIMITED -1.73% 380.6 Delayed Quote.1.63%
HINDUSTAN PETROLEUM CORPORATION LIMITED -1.61% 216.65 Delayed Quote.1.06%
INDIAN OIL CORPORATION LIMITED -2.19% 91.4 Delayed Quote.2.75%
LONDON BRENT OIL -0.50% 55.8 Delayed Quote.7.08%
WTI -0.53% 52.489 Delayed Quote.8.49%
Latest news "Economy & Forex"
08:51aInsurers face 'mind-blowingly' large loss if Olympics cancelled
RE
08:33aImperial Brands to focus on top five cigarette markets in turnaround plan
RE
08:30aEhave Looks to Expand KetaDASH to Palliative Care
GL
08:25aCoty to consolidate fragrance manufacturing operations, close Cologne factory
RE
08:24aGold slips as dollar rebounds ahead of U.S. Fed verdict
RE
08:21aJob Growth in the South Bucks Losses in Rest of U.S.
DJ
08:19aWALL STREET STOCK EXCHANGE : Oil near $56 as lower U.S. stockpiles balance COVID-19 and demand concerns
RE
08:18aBoeing to delay 777X again as it posts record annual loss
RE
08:14aShape-Shifting Virus Threatens Cycles of Illness, Lockdowns
DJ
08:06aBrazil Dec Current-Account Swung to $5.4 Billion Deficit From $202 Million Surplus in Nov
DJ
Latest news "Economy & Forex"