Monsoon rains dampen India’s July gasoline query

A worker holds a nozzle to pump petrol actual into a automobile at a gasoline attach in Mumbai, India, Would possibly presumably per chance 21, 2018. REUTERS/Francis Mascarenhas/File Photo

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NEW DELHI, Aug 1 (Reuters) – Gas and gasoil gross sales by Indian state refiners in July fell from a month earlier as monsoon rains restricted mobility and building work while excessive inflation curtailed total query for goods, preliminary gross sales recordsdata reveals.

Gas query in India, the arena’s third ideal oil importer and client, every on occasion falls actual throughout the four-month monsoon season starting in June as parts of the country are hit by heavy floods.

Gasoil query in July fell by about 16% to 6.42 million tonnes while gasoline query fell by about 8% to 2.66 million tonnes, the records showed.

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“Monsoon rains alongside with excessive inflation had hit truck mobility and query for goods within the country. Truck mobility used to be down by about 15%-20% in July,” mentioned S.P. Singh, senior fellow on the Indian Basis for Transport Analysis and Coaching.

Monsoon rains additionally affected query from the agriculture sector as farmers use gasoil-fired gensets for irrigation.

Gasoil accounts for roughly two-fifths of India’s total refined gasoline consumption and is straight linked to industrial job in Asia’s third-largest financial system.

Relate stores Indian Oil Corp (IOC.NS), Hindustan Petroleum Corp (HPCL.NS) and Bharat Petroleum Corp Ltd (BPCL.NS) possess about 90% of the country’s retail gasoline outlets.

Below is a table of India’s preliminary gasoline gross sales recordsdata with volumes in thousand tonnes.

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Reporting by Nidhi Verma; editing by Jason Neely

Our Requirements: The Thomson Reuters Belief Principles.

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