(Bloomberg) — India’s gasoline and diesel gross sales through the first half of July dropped from final month as seasonal rains curtailed demand on the planet’s third-biggest vitality client, that might assist maintain a lid on oil costs.
Article content material
(Bloomberg) — India’s gasoline and diesel gross sales through the first half of July dropped from final month as seasonal rains curtailed demand on the planet’s third-biggest vitality client, that might assist maintain a lid on oil costs.
Article content material
The three greatest retailers bought 1.28 million tons of gasoline throughout July 1-15, down about 8% from the corresponding interval in June, in accordance with refinery officers with information of the matter. Diesel gross sales fell virtually 14% from final month, stated the folks, who requested to not be recognized discussing unpublished information.
The retracement in India’s gas demand provides stress on the value of oil amid rising pessimism a couple of world financial slowdown that dragged it under $100 a barrel for the primary time since early April. The softening of demand may additionally add to a provide glut within the area that’s curbing the earnings from processing gasoline and diesel.
That is the primary month-to-month decline in gross sales in three months after resurgent financial exercise, summer season journey and elevated use of diesel-fired turbines throughout a extreme heat-wave drove the South Asian nation’s gas demand.
Article content material
Gasoline consumption in India sometimes declines on this time of the yr due to the monsoon rains that lasts until September. It hampers trucking and building actions, weighing on demand for diesel, the nation’s most-used petroleum gas.
India has to date obtained 13% larger than regular rains through the present monsoon season rainfall, in accordance with information revealed by the India Meteorological Division on July 17.
Gross sales of liquefied petroleum gasoline, a cooking gas, rose 8.3% from June, whereas aviation gas fell 6.7%.
Spokespeople on the three retailers — Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. — couldn’t instantly remark. The businesses collectively account for over 90% of Indian gas gross sales.
Right here’s a desk of the preliminary information:
(Bloomberg) — India’s gasoline and diesel gross sales through the first half of July dropped from final month as seasonal rains curtailed demand on the planet’s third-biggest vitality client, that might assist maintain a lid on oil costs.
Article content material
(Bloomberg) — India’s gasoline and diesel gross sales through the first half of July dropped from final month as seasonal rains curtailed demand on the planet’s third-biggest vitality client, that might assist maintain a lid on oil costs.
Article content material
The three greatest retailers bought 1.28 million tons of gasoline throughout July 1-15, down about 8% from the corresponding interval in June, in accordance with refinery officers with information of the matter. Diesel gross sales fell virtually 14% from final month, stated the folks, who requested to not be recognized discussing unpublished information.
The retracement in India’s gas demand provides stress on the value of oil amid rising pessimism a couple of world financial slowdown that dragged it under $100 a barrel for the primary time since early April. The softening of demand may additionally add to a provide glut within the area that’s curbing the earnings from processing gasoline and diesel.
That is the primary month-to-month decline in gross sales in three months after resurgent financial exercise, summer season journey and elevated use of diesel-fired turbines throughout a extreme heat-wave drove the South Asian nation’s gas demand.
Article content material
Gasoline consumption in India sometimes declines on this time of the yr due to the monsoon rains that lasts until September. It hampers trucking and building actions, weighing on demand for diesel, the nation’s most-used petroleum gas.
India has to date obtained 13% larger than regular rains through the present monsoon season rainfall, in accordance with information revealed by the India Meteorological Division on July 17.
Gross sales of liquefied petroleum gasoline, a cooking gas, rose 8.3% from June, whereas aviation gas fell 6.7%.
Spokespeople on the three retailers — Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. — couldn’t instantly remark. The businesses collectively account for over 90% of Indian gas gross sales.
Right here’s a desk of the preliminary information:
