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Our Bureau

Consumption hit due to heavy rains and floods in large parts of the country.

New Delhi, Sept. 22

The month of August saw a decline in oil product sales in annual terms as consumption was hit due to heavy rains and floods in large parts of the country. According to Petroleum Ministry data, oil product sales were down 3.5 per cent during the month under review at 9.05 million tonnes (mt) from 9.38 mt in the corresponding month last year.

According to the Ministry, sales were down in August from a year earlier partly due to some stocking up of supplies last year. Demand for fuel products was expected to rise in September as weather conditions have improved, the Ministry said. Diesel sales were down 1.2 per cent in August to 3.13 mt from 3.17 mt in the same period last year. Petrol sales saw a marginal increase by 0.2 per cent, while naphtha sales increased by an annual 14.3 per cent on higher imports by petrochemical units.

In August, the oil products imports were up 14.9 per cent due to higher imports of naphtha and kerosene. The imports went up to 1.44 mt against 1.25 mt in the corresponding month last year. State-owned refiners purchased 129,400 tonnes of kerosene in August, an increase of 143.3 per cent over 53,200 tonnes during the same period last year. Exports saw an increase of 61.3 per cent from the same period last year to 2.90 mt, as growth in India's refining capacity has far exceeded the demand.

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