State-run oil refiners own about 90 per cent of the country s retail fuel outlets
Indian state refiners daily petrol and diesel sales declined by about a fifth in May from a month earlier as lockdowns to curb the second deadly wave of COVID-19 hit industrial activities and consumption, preliminary data showed on Tuesday. Daily petrol sales in May fell by about 19 per cent from April while diesel consumption, which is linked to industrial activity and accounts for over two-fifths of the country s fuel demand, fell by 19.9 per cent, data compiled by state refiners showed.
The country s factory activity growth slowed significantly in May as a rise in coronavirus cases whacked new orders and output, the Nikkei Manufacturing Purchasing Managers Index compiled by IHS Markit showed on Tuesday.
Diesel consumption, an indicator of economic growth, which accounts for about 40 per cent of overall refined fuel sales in India, totalled 6.41 million tonnes in March