• Politics
  • Business
  • World
  • Science
  • Startup
  • Health
  • Travel
  • Economy
  • Top Story
Aryavarth News
  • Home
  • Politics
  • City News
  • Top Story
  • Editorial
No Result
View All Result
Aryavarth News
No Result
View All Result

Corona Shocks Indian Economy, Diesel Sales Down 21%, Petrol Down 12% as Compared to Last Year

“Retail sales are down because of reimposed lockdown and higher retail prices,” said Sri Paravaikkarasu, director for Asia oil at consultancy FGE.

Indian economy in shock
437
SHARES
1.2k
VIEWS
Share on WhatsappShare on FacebookShare on TwitterShare on Telegram

New Delhi (Aryavarth): Indian state refiners’ petrol and diesel sales declined in the first half of July from the same period last month, according to preliminary data, as a renewed lockdown in parts of the country and rising retail prices hit demand. This will impact Government revenue, as oil is a major source of revenue and is not covered under the GST Act. Leaving it open to ad-hoc price increases.

Fuel demand growth in India, the world’s third-biggest oil importer and consumer, plunged to historic lows in April when the federal government imposed a country-wide lockdown and in the last month the price has been revised at least 22 times, burdening the end user.

State-refiners’ diesel sales, which account for two-fifth of overall refined fuel sales in India, fell by 18% to 2.2 million tonnes in the first half of July from the same period in June, and by about 21% from a year earlier, according to data compiled by Indian Oil Corp.

State companies – Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum – own about 90% of India’s retail fuel outlets. Indian fuel demand had gathered pace from May when the lockdown was partly eased. But a spike in cases of coronavirus infection has led to authorities imposing fresh lockdowns and designating new containment zones in several states this week, including the largely rural Bihar state in the east and the southern tech hub Bengaluru.

State companies’ sales of petrol fell 6.7% to 880,000 tonnes in the first half of July from the same period in June, and by about 12% from a year earlier, the data showed.

“Retail sales are down because of reimposed lockdown and higher retail prices,” said Sri Paravaikkarasu, director for Asia oil at consultancy FGE.

 

India’s diesel price has touched a record high of 81.35 rupees ($1.09) a liter on Friday in New Delhi, slightly higher than that of petrol.

India on Friday became the third country in the world to record more than one million cases of the new Wuhan coronavirus, behind only the United States and Brazil, as infections spread further into the countryside and smaller towns, further dampening the prospect of an economic recovery.

Tags: Indian Economy
SendShare175Tweet109Share
    • Trending
    • Comments
    • Latest
    Guru Gobinds son bricked alive and then killed

    Crores of Hindus Were killed by Islamic Rulers: Hindu Genocide Not Recorded In History

    August 10, 2020
    Pakistan Behind removal of Punjab CM:  Dr Subramanian Swamy

    Pakistan Behind removal of Punjab CM: Dr Subramanian Swamy

    September 20, 2021
    Lenovo under US scanner for spying for China

    Lenovo’s Links to China Government Under Scrutiny For Spying

    July 22, 2020
    Republic TV and R Bharat get a clean chit in Television Rating Points (TRP) scam

    Republic TV and R Bharat get a clean chit in Television Rating Points (TRP) scam

    3
    Today’s Newspaper – 17 August 2022

    Today’s Newspaper – 17 August 2022

    2
    Today’s Newspaper – 10 August 2022

    Today’s Newspaper – 10 August 2022

    1
    WHO and the Ministry of Ayush to host the first-ever Global Summit on Traditional Medicine

    Only Positive Step In G20 Summit Was The Admission Of African Union As A Permanent Member

    September 15, 2023
    Singapore invents tech to detect COVID-19 virus the air

    India Rises as Global Leader in Medical Textiles Amid COVID-19 Pandemic

    September 15, 2023
    Improving Healthcare for All

    CSIR-NIScPR and KAMP Host Workshop to Boost Science Communication in India

    September 15, 2023
    Aryavarth News

    Copyright © 2022 Aryavarth Publication Pvt Ltd.

    Navigate Site

    • About
    • Advertise
    • Privacy & Policy
    • Contact

    Follow Us

    No Result
    View All Result
    • Politics
    • Business
    • World
    • Science
    • Startup
    • Health
    • Travel
    • Economy
    • Top Story

    Copyright © 2022 Aryavarth Publication Pvt Ltd.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.