Demand for total petroleum products — including diesel, gasoline and jet fuel — slid 10.8% from a year earlier, the first annual contraction in data going back to 1999.
The drop in sales is a reminder that the recovery path for India’s economy, which technically entered a recession last week, will likely be a bumpy one as Covid rages unabated.
Dussehra and Diwali festivals typically increase demand for consumer goods, with more diesel-powered trucks hitting the road to deliver everything from clothes to refrigerators.
While diesel consumption is lagging, petrol sales in September rose for the first time since February on a year-on-year basis as more people opted for own vehicles to commute.
The slump in diesel demand is forcing refineries to operate below capacity, but gasoline sales are back at pre-virus levels with people resorting to personal vehicles.
Overall oil-product consumption including transport fuels in the financial year through March 2021 will be around 90% of last year — the lowest level since 2016.
Bangladesh Foreign Minister AK Abdul Momen said it would help bring both sides even closer and further take the 'rock solid' bilateral relations to new heights.
A round-up of the most important reports in major newspapers around the country – from TOI and HT, Express and The Hindu to The Telegraph, Mumbai Mirror and The Tribune, as well as top financial dailies.
Fuel consumption probably declined at least 80% in April, which would lead to a revenue loss of as much as Rs 400 billion, said economist Madan Sabnavis.
The reach and impact of influencers are so significant that even politicians such as Prime Minister Narendra Modi have recognised their value—the National Creators Award is proof.
Economists say there are weaknesses in India’s GDP data. But statisticians claim the accusations are based on flawed understanding, saying while GDP has problems, the economists are looking in the wrong places.
Both the governments expressed their commitment to strengthening their maritime cooperation to strengthen the maritime safety and security framework in the region.
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