Preliminary market data shows petrol sales surging by more than 10% in May from a year ago as families hit the road after education institutions closed for summer holiday. Booming passenger car and two-wheeler sales further boosted consumption.
Diesel sales, considered a key barometer of economic activities, grew by more than 9% during the month, in line with higher movement of people, raw materials and finished goods, including grains in the farm sector.
Sales of both fuels had displayed signs of fatigue in March and April. Petrol consumption had risen by a mere 2.5% in April and 5% in March in sharp contrast to consistently rising in double digit for months.
Similarly, diesel sales had lost steam to post a growth of almost 7% in April and 2.1% in March against 11.9% in February and 17.6% in January.
The growth in jet fuel sales during May in contrast to petrol and diesel, slowed to 8.7% against year-on-year gain of 15.4% posted in April and 25.7% in March. Industry watchers said holidaymakers were shifting to road and rail mode due to surging air fares after Go First airline went belly up, which also reduced the number of daily flights.
Consumption of LPG, used mostly as cooking fuel by households, posted a sharp rebound with a year-on-year growth of 9.8% during the month under review in contrast to a negative growth of 2.7% in April and almost the same in March.
Sequentially, sales of petrol in May 2023 were 16.5% higher, diesel 4.2% and LPG 11.3% higher than April. Compared to pre-pandemic May 2019, petrol sales were higher by 23.7%, diesel 6.8% and LPG 19.6%. Jet fuel, however, was 5% short.
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