NEW DELHI: India’s daily gasoil consumption grew 7% in November from the previous month, preliminary sales data of state fuel retailers showed, slowing from a 16% increase in October as demand for the fuel usually tapers after the festival season.
India’s festival season ended in early November with the celebration of Diwali, a festival of lights. The state retailers daily sold about 191,370 tonnes of gasoil last month, a decline of about 8.1% from last year and 14.4% from November 2019, the data showed.
“Last month about 15%-20% trucking fleet was off the road as drivers go home for 10-15 days from Diwali,” said SP Singh, senior fellow at Indian Foundation of Transport Research & Training.
Gasoil accounts for about two-fifth of refined fuel consumption in India and is directly linked to industrial activity.
India’s manufacturing activity in November grew at the fastest pace in 10 months, buoyed by a strong pick-up in demand, according to a survey by IHS Markit’s Purchasing Managers’ Index .
“After 2019, we are witnessing a bumper time. Freights have gone up and truckers are making money because of demand from industries,” he said.