March fuel sales surge past 2019 level on economic rebound, stocking – Times of India

NEW DELHI: India’s petrol and diesel gross sales in March shot effectively previous the per-pandemic ranges by 14% and 5%, respectively, on the again of a robust financial rebound and stocking by shoppers, sellers and farmers in anticipation of upward revision in costs after meeting polls in 5 states that concluded on March 7.
Jet gas gross sales rose sharply to 72% of the pre-pandemic interval as airways elevated the variety of flights on greater demand following lifting of Covid-19 journey restrictions, official information reveals.
The expansion in gas gross sales is the sharpest in three months. In comparison with March 2021, petrol gross sales have been greater by 8.7%, diesel 10% and jet gas virtually 10%.
LPG sales additionally posted 12% progress over March 2019 and March 2021. The gas, generally used for cooking by households and eateries, had remained optimistic by way of the pandemic, aside from a minor decline a couple of occasions.
There is no such thing as a denying {that a} sturdy financial rebound and resumption of regular enterprise actions led to the sharp improve in gas gross sales. That is borne by the uptick in diesel gross sales, a key indicator of progress as it’s utilized by transport, farm and infrastructure development sectors.
However stocking by sellers, farmers and panic shopping for by regular shoppers earlier than the state-run gas retailers, which management 90% of the market, started elevating costs from March 22 undoubtedly contributed to greater gross sales.
Going by previous expertise, individuals anticipated pump worth revisions to renew instantly after the polls as India’s crude value had risen from $84/barrel to above $100.
The costs had been frozen for 137 days since November 4 final 12 months below an off-the-cuff authorities diktat. However the authorities didn’t wish to give out the sign that the freeze to provide the ruling celebration an edge within the hustings and allowed it after 11 days of the outcomes and selections associated to authorities formation in ballot states have been taken.

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