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Petroleum consumption contracts 9.1% in FY21

Diesel usage, which comprise about 40% of overall product sales, dipped 11.9% to 72.7 MT in FY21, while demand of petrol fell 6.7% to 27.9 MT.

Domestic consumption of petroleum products in FY21 fell 9.1% year-on-year (y-o-y) to 194.7 million tonne (MT), mainly on the back of low sales of transportation fuel in the fiscal amid the country-wide lockdown to contain the outbreak of the coronavirus.

Petroleum sales have fallen for the first time since FY99, for which data is available with the government’s petroleum planning and analysis cell (PPAC). Diesel usage, which comprise about 40% of overall product sales, dipped 11.9% to 72.7 MT in FY21, while demand of petrol fell 6.7% to 27.9 MT.

Sales of aviation turbine fuel (ATF) fell 53.2% to 3.7 MT in the financial year with global travel restrictions induced by the coronavirus remained in place between a number of nations. In line with the government’ target of increasing the share of gas in the economy, liquefied petroleum gas (LPG) usage was up 4.9% y-o-y to 27.6 MT in FY21. The consumption of bitumen, which is mostly used in road construction, increased 5.9% y-o-y to 7.1 MT.

Overall product consumption recorded a steep 18.2% y-o-y rise in March, with diesel usage up 27.6% to 7.2 MT. The March figures are comparable with the corresponding month in FY20, when the nation-wide lockdown first came into force.

Domestic consumption of petroleum products in FY20 had inched up only 0.4% y-o-y to 214.1 MT.

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