REFINERY NEWS ROUNDUP: India’s gasoline use rises, falls elsewhere in Asia-Pacific
India’s consumption of gasoline in June saw the highest month-on-month increase in a year as a decline in COVID-19 cases and the easing of lockdown measures boosted driving activity.
Some states, such as the western state of Maharashtra, eased restrictions early June.
Indian gasoline demand totaled 2.41 million mt in June, up 21% from May, data from the Petroleum Planning and Analysis Cell showed. In May, gasoline demand hit a one-year low.
However, a new wave of coronavirus infections in Indonesia has dented the demand outlook for Asian gasoline, with participants anticipating a further decline in import demand as driving activity slows. The country, moreover, has already expanded its strict lockdown measures, with Bali, Java and the heavily populated cities in Sumatra having been placed under a lockdown since early July.
Markets open in green: Sensex surges over 250 points; Nifty above 15,700
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The stock markets opened higher on Monday (July 12) with Sensex surging over 248 points or 0.47 percent at 52,634.30 while the Nifty50 was up 77 points or 0.49 percent at 15,766.80 in opening trade tracking gains in index majors ICICI Bank, TCS and Reliance Industries amid a firm trend in global markets..
The 30-share BSE index was trading 241.95 points or 0.46 percent higher at 52,628.14 in initial deals, while the broader NSE Nifty advanced 81.65 points or 0.52 percent to 15,771.45.
The BSE MidCap index advanced 0.6 percent while the BSE SmallCap index added 0.91 percent. The Nifty PSU Bank index was ruling as the best performing index, up 1 percent.
Fuel demand rebounded in June after slumping to a nine-month low in May as several states eased Covid-19 restrictions and economic activity picked up.
However, the spike in global crude prices after failure of Opec+ to reach an agreement is likely to add to inflationary pressures on the economy, analysts said.
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Fuel consumption rose 1.5 per cent to 16.33 million tonnes in June from a year earlier and by 8 per cent over May 2021, data from the Petroleum Planning and Analysis Cell of the ministry of petroleum and natural gas showed.
Petrol sales rose 5.6 per cent year-on-year to 2.4 million tonnes in June. It was up 21 per cent from the May sales of 1.99 million tonnes.
India s fuel demand recovered last month after slumping to a nine-month low in May, as restrictions to curb the spread of the pandemic were eased and mobility picked up. Fuel consumption, a proxy for oil demand, rose 8% from May to 16.34 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed on Friday. A second Covid-19 wave, which stalled mobility and dulled economic activity, dragged fuel consumption to its lowest since August in May. Pandemic infections have, however, eased from May s peak, prompting a 1.5% year-on-year increase in fuel demand last month. Going forward we see road fuel demand reaching pre-pandemic levels by the end of the year since the vaccination program has already come a long way, said Rystad analyst Simen Eliassen, adding that jet fuel could also recover by 115,000 bpd.
India s fuel demand rebounds in June after hitting nine-month low in May business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.