New Delhi: India’s gas demand rose in March as a pick-up in agriculture exercise helped reverse a slowdown that was witnessed within the first half of the month, preliminary trade information confirmed on Sunday. Gasoline gross sales soared to the best ranges in February on the again of sturdy demand from the agriculture sector in addition to transport selecting up after the winter lull.
However a seasonal slowdown kicked in through the first half of March. Nonetheless, there was a pick-up within the second half, which helped gross sales rise even month-on-month regardless of the excessive base of February. (Additionally Learn: Newest Financial institution Fastened Deposit Charges 2023: ICICI vs HDFC vs PNB FD Charge In contrast)
Petrol gross sales rose 5.1 p.c to 2.65 million tonnes in March in comparison with the identical interval of final 12 months. Gross sales had been up 3.4 p.c month-on-month, the info confirmed. (Additionally Learn: IDBI Launches New Amrit Mahotsav FD Scheme – Examine Curiosity Charge, Maturity Interval, And Different Particulars)
Diesel, probably the most consumed gas within the nation, noticed demand rise by 2.1 p.c to six.81 million tonnes throughout March in comparison with 6.67 million tonne gross sales in the identical interval a 12 months again.
Month-on-month the demand was up 4.5 p.c. Within the first half, petrol gross sales had fallen 1.4 p.c and diesel 10.2 p.c year-on-year. Consumption of petrol in March was 16.2 p.c greater than in COVID-marred March 2021 and virtually 43 p.c greater than in the identical interval of 2020.
Diesel consumption was up 13.5 p.c over March 2021 and 41.8 p.c greater than in the identical month of 2020. With the continued opening of the aviation sector, India’s total passenger site visitors at airports inched nearer to pre-COVID ranges.
Reflecting the development, jet gas (ATF) demand jumped 25.7 p.c to 614,000 tonnes throughout March when in comparison with the identical interval final 12 months. It was 41.9 p.c greater than in March 2021 and 34.8 p.c greater than in March 2020. Month-on-month gross sales had been 4.54 p.c greater.
India’s restoration has continued to realize momentum in latest months however has been accompanied by elevated inflation. The nation’s oil demand had been rising steadily for the reason that easing of COVID-19 restrictions.
Cooking gasoline LPG gross sales fell 3 p.c year-on-year to 2.37 million tonnes in March. LPG consumption was 9 p.c greater than in March 2021 and 5.8 p.c greater than in March 2020. Month-on-month, the demand dropped by 6.54 when in comparison with 2.54 million tonnes of LPG consum
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