This year the graph of Petrol-Diesel demand will increase again. Because most of the people are not only buying new vehicles but also spending a lot on moving around after the restrictions of COVID-19 are lifted. After Corona, Indians have become more conscious about their health. That’s why they are going around in their vehicles, even when fuel prices are at the highest level.
Looking at the recent SIAM data, passenger vehicle sales in July jumped by 45 percent to 2,64,442 units. It is expected that the demand for petrol and diesel will increase further in the coming months. Oil companies will have to import large quantities of oil. Indian refineries have increased the production of diesel. However, its demand is still less than before.
An oil company official said that if the demand increases like this, thus we may have to increase the import of petrol. Crude imports cannot be increased because some refineries are full of diesel.
According to the data of news agency PTI, according to the data of other companies including Indian Oil, they sold 24.3 lakh tonnes of petrol in August. This is an increase of 13.6 percent from the same period a year ago. With this, the sales figure of petrol has crossed the pre-pandemic level. Petrol sales stood at 23.3 lakh tonnes in August 2019.
According to credit rating agency ICRA, India’s gasoline consumption may increase by 14 percent in this financial year. This figure is higher than the Oil Ministry’s Petroleum Planning and Analysis Cell’s estimate of 12.2%. Consultancy FGE estimates that gasoline demand will increase from 740000 BPD to 760000 BPD between October and December.
According to Ms. Sri Paravaikkarasu, Director, FGE Asia Oil, having a personal car is a status symbol but also fulfills the desire to travel in the Pandemic. Now people are buying new cars or other vehicles, due to which the demand for petrol and diesel is increasing.
