India’s domestic sales for diesel and petrol rose to record highs in May, pushing the country’s overall fuel consumption for the month higher year-on-year, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Saturday. Fuel consumption, a proxy for oil demand, totalled 18.72 million tonnes last month, during which diesel sales soared to 7.55 million tonnes and petrol consumption climbed to 2.46 million tonnes – the highest monthly sales figures in PPAC data going back to April 1998. India, the world’s third-largest oil consumer, used 35.2 million tonnes of diesel during January to May this year, up 6 percent from the corresponding period last year. The country’s monthly diesel sales have averaged 7.05 million tonnes in 2018, compared with a monthly average consumption of 6.6 million tonnes last year. Sales of gasoline, or petrol, rose 7.6 percent in May from April and are up 2 percent from the same month last year. Monthly demand for petrol has averaged 2.27 million tonnes this year, up 7 percent from the 2017 average of 2.12 million tonnes. Diesel consumption growth during the calendar year of 2018 may be more than double from last year, analysts and traders… Read full this story
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