Oil marketing companies’ sales jump 19pc in October

Oil marketing companies recorded volumetric sales of 1.26 million tonnes in October, up 19 per cent from a month ago but down 24pc on an annual basis. According to a note by Topline Research on the latest industry data, the monthly jump in volumetric sales is due to the low base of the preceding month. In addition, higher prices and the fact that consumers waited in anticipation of a decline in prices to fill up their fuel tanks were also contributing factors. The average petrol price in October came down to Rs303 per litre from Rs318 in September. Similarly, the average diesel price slipped to Rs311 per litre in October from Rs321 in September. As for the reason behind the shrinking of sales by one-fourth on a year-on-year basis, the research house blamed higher fuel prices and an overall economic slowdown.