India: Domestic Fuel Sales Rise Over 17% in October
|
|
|
|
Friday, 04 December 2009 |
|
India's annual oil product sales rose a strong 17.3% in October driven
by a pick up in economic activity and higher demand from the farm
sector, according to government statistics.
The International Energy Agency said last month that China and India
would be responsible for most of the world's oil demand growth over the
next two decades. World oil demand in 2010 is expected to average 86.2
million bpd, up from 84.8 million bpd this year, due in part to buoyant
demand in non-OECD Asia. The current debt crisis will affect the
Middle East region but should be minimal when it comes to fuel supply
and demand
Oil product sales in India totalled 11.47 million tonnes in October,
official data showed. In October 2008, oil product sales declined 1.7
percent as slowing economic activity crimped demand for industrial
fuels and diesel. The Indian government expects oil product demand to
grow by 2.4 percent in the 2009/10 fiscal year (April/March).
Petrol sales in October grew by 18.6 percent as car sales register
their fastest growth in over two years, due to festival buying and
easier credit, firming up the belief that the industry was back on
track for robust growth. Diesel sales jumped 12.5 percent in
October, driven by higher consumption in the key grain producing states
where the fuel is used to run water pumpsets and power generation.
Diesel fuel sales makes up the bulk of fuel sales in India at just over
42%.
Crude oil imports by Indian refiners in October fell 5 percent from a
year ago to 10.79 million tonnes or 2.55 million barrels per day
(bpd). The data does not include imports and exports of Reliance
Industries' export-focused new 580,000 bpd refinery at Jamnagar
in western Gujarat state.
PetrolWorld 031209
|
