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Petrol, Diesel prices on October 17: Fuel prices jump amid festive season

The end of the monsoon season in most of the nation and the beginning of the agricultural season contributed to an increase in demand for diesel.

Maitry Kothari

Updated : Oct 17, 2022, 07:04 PM IST | Edited by : Maitry Kothari

Petrol, Diesel prices on October 17: Fuel prices jump amid festive season

India's fuel sales surged in the first half of October due to an all-around increase in transportation fuel demand as the festival season began to pick up, revealed preliminary industry data. In the first half of October, sales of gasoline and diesel increased month over month and year over year by 22 to 26%. In comparison to consumption of 1.05 million tonnes during the same period last year, gasoline sales increased by 22.7% to 1.28 million tonnes during October 1–15.

Sales were 33.4% higher than pre-pandemic October 1–15, 2019 and 31% higher than the first half of October 2020, which was negatively impacted by COVID. In comparison to the first half of September 2022, demand was 1.3% higher. Compared to the same period last year, sales of diesel, the most popular fuel in the nation, increased by nearly 27% to 3.08 million tonnes in the first two weeks of October.

Consumption increased by 16.6% between October 1 and 15, 2020, and by 26.6% before COVID 2019. Demand for the fuel increased 6.9 percent month over month after sales dropped by almost 5% in August before recovering in September.

According to industry insiders, the end of the monsoon season in most of the nation and the beginning of the agricultural season contributed to an increase in demand for diesel.

When it rains, the agricultural sector's mobility and demand are typically constrained. Trucking and irrigation pumps both use diesel. Additionally, the start of festival season resulted in an uptick in economic activity and a rise in demand.

Due to the monsoon and decreased demand, auto fuel sales had decreased in July and August. This decline followed a rise in June that was fueled by more people travelling during the summer to cooler regions of the country to escape the heat and taking vacations during school breaks.

India's overall airport passenger traffic grew slightly as the aviation industry opened up, approaching pre-COVID-19 levels. Accordingly, compared to the same period last year, the demand for jet fuel (ATF) increased by 22.1% to 264,00 tonnes during the first half of October.

It was 16.5% lower than the pre-COVID October 1–15, 2019, but it was 64% higher than the corresponding period in 2020. Sales were slightly higher than 262,100 tonne consumption month over month from September 1–15, 2022, says PTI.

According to the sources, despite domestic air travel returning to its pre-COVID levels, international air traffic is still suffering as a result of ongoing restrictions in some nations. Since the country relaxed pandemic lockdowns, India's oil demand has steadily increased, with economic growth of 7%.

1.22 million tonnes of cooking gas LPG was sold in the first half of October, an increase of 9.94% over the same period last year. LPG consumption increased by 5.3% from October 1 to 15, 2020, and by 12.6% from the same time in 2019.

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Petrol, Diesel prices on October 17: Fuel prices jump amid festive season

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