Gasoline and gasoil sales by Indian state refiners rose sharply in September from a year earlier, signalling a pick-up in industrial activity ahead of the festive season from this month, preliminary sales data showed.
Local fuel demand – a proxy for oil demand in Asia’s third largest economy – regularly slows during the four-month monsoon season from June. State-refiners’ average daily gasoline sales rose 1.3% from August and was up 13.2% from a year earlier, the data showed.
Sales of gasoil in local markets increased by 4.6% from the previous month and by 22.6% from a year ago, the data shows.
India’s gasoil consumption, which accounts for about two-fifths of the country’s fuel demand, typically increases during the month-long festival season that ends with the celebration of Diwali as diesel-guzzling trucks hit the road and industrial activity gathers pace.
State retailers Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp Ltd own about 90% of the country’s retail fuel outlets.