Indian LPG consumption in 2020 was at 27.41 million tonnes, 4.3% higher than a year earlier, while petrol demand in the same period plunged 9.3% to 27.27 million tonnes.
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.
Petrol price on Saturday was hiked by 24 paise per litre and diesel by 27 paise as hopes of a Covid vaccine development led to a rally in international oil prices.
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.
Union Minister of Petroleum and Natural Gas Dharmendra Pradhan also said both countries were in discussions to store crude oil in US to increase India's stockpile.
Provisional fuel sales in June climbed within 88% of 2019 levels from less than half in April in the midst of the world’s biggest lockdown, oil ministry said.
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 global oil slump has given Modi govt the cushion to hike fuel taxes to meet revenue shortfalls. But retail fuel prices still hover around pre-Covid-19 levels.
In episode 416 of #CutTheClutter, Shekhar Gupta explains the reasons behind the excise hike in petrol and diesel, and delves into the recent political crisis in Israel.
German agriculture minister Cem Ozdemir said imposing export restrictions or closing markets would worsen the crisis. Actually, the opposite might be true.
The cut in excise duty last week, coupled with an increase in fertiliser and food subsidies, is expected to cost the exchequer around Rs 3 lakh crore in the current financial year.
India is 35th member of the maritime counterterrorism partnership that also includes Pakistan, Australia, Bahrain, Denmark, Egypt, France, Germany and Greece, among others.
That temples were destroyed and mosques built is undisputed history. The past can’t be changed, but we can’t deny the wrongs of the past either before we consider reconciliation.