Petroleum sales drop 19pc in 1HFY23

Oil consumption witnessed a year-on-year drop of 11 per cent in December and 19pc in 1HFY23 as demand for diesel, petrol and furnace oil remained depressed amid higher prices and plunging auto sales due to an overall economic slowdown. Oil sales dipped to 1.34 million tonnes in December 2022 from 1.507m tonnes in the same month last year. This is the lowest monthly sales number since the first Covid-19 lockdown period in February-April 2020. Month-on-month the sales of furnace oil, diesel and petrol declined by 10pc, 22pc and 8pc in December 2022. While year-on-year sales plunged by 3pc, 15pc and 11pc to 123,000, 522,000 and 622,000 tonnes in December 2021. Cumulative oil sales in July-December stood at 9m tonnes in which furnace oil, diesel and petrol consumption fell by 24pc, 23pc and 15pc to 1.447m tonnes, 3.363m tonnes and 3.835m tonnes.