India's fuel consumption witnessed a dip in early March, following a record-breaking surge in the previous month, as per initial industry data. February had witnessed an unprecedented boom in fuel sales, driven by an upswing in agricultural demand and a surge in transportation activities post the winter lull.
With the rise in temperatures in March, the seasonal slowdown began.
According to data, petrol sales in the first half of March fell by 1.4% to 1.22 million tonnes when compared to the corresponding period in the previous year. The sales also witnessed a decline of 0.5% when compared to the previous month.
The first half of March saw a 10.2% year-on-year fall in the demand for diesel, the most consumed fuel in India, settling at 3.18 million tonnes, as per the available data. Additionally, the month-on-month demand witnessed a 4.6% decline, as reported by industry data.
In the first fortnight of February, petrol consumption skyrocketed by nearly 18% year-on-year, while diesel sales soared by almost 25%, as per the available data.
Petrol consumption in the first half of March was 16.4% higher than in the first half of March 2021, and nearly 23% higher than in the same period in 2020.
Diesel consumption was up 11.5% in the first half of March 2021, and 20.2% higher than in the same period in 2020.
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