Record diesel and gasoline sales in May indicate strong demand
New Delhi: India's May diesel and gasoline sales reached record levels, providing a rare positive indication for the global oil markets, Bloomberg reported.
Government data shows that diesel sales in India, the world's third-largest crude importer, increased by 13% compared to the same period last year.
Gasoline sales also saw a growth of 11%.
Overall fuel consumption, including liquefied petroleum gas and naphtha, rose by 9%.
These robust sales figures come after the Indian economy surpassed expectations by expanding 6.1% in the quarter ending in March, stated the report.
However, it is anticipated that the growth rate will slow down for the remainder of the year, it added.
The increased demand for diesel and gasoline will provide a boost for India's state-run fuel retailers, who have maintained unchanged prices for these fuels since April of the previous year.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
With heavy hearts, devotees bid farewell to Goddess Durga across Northeast
13, including 10 children, die in two separate Durga idol immersion tragedies in Madhya Pradesh
Prez Droupadi Murmu, PM Modi pay tributes to Mahatma Gandhi and Lal Bahadur Shastri on birth anniversaries
Centre orders probe into Tamil Nadu-based cargo firm Wintrack Inc’s charges against Chennai Customs
