petrol

Indian fuel consumption doubles in May 2018.

Indian domestic consumption of Petrol, Diesel has gone up, as the number of new vehicles on road has gone up by 36%. the domestic car sales were up 19.64% at 1,99,479 units as against 1,66,732 units in May 2017. Utility Vehicle sales rose 17.53% to 82,086 units, while sales of Van surged to 29.54 %, 19,673 units during the month.

Fuel consumption is a proxy for oil demand went up to 18.72 million tonnes in May 2018. Diesel sales went up by 7.55 million tonnes, petrol by 2.46 million tonnes, which is the highest record in consumption of oil so far since April 1998.

USA pumps more oil despite rigging less numbers

The United States of America, No 2 crude oil producer in the world after Saudi Arabi, producing 10.37 million barrels per day (bpd), Russia producing 11 million barrels per day is pumping more oil into the market, thereby forcing the oil prices to slide, even though the initial trend was showing upwards.The prices came down by 13 cents in the afternoon of Monday.

Fuel prices-record high-system reeling under burden

Petrol at 72.43 paise per liter, Diesel at Rs.63.38 per liter in New Delhi, has been recorded high in the past 3 years. Fuel prices, on daily basis, sky rocking on prices, making the cost of living higher. Petrol t Rs.80.60 per liter in Mumbai was the previous record in the year 2014, today it costs Rs.80.30 per liter, Diesel at Rs.67.50 per liter leaving the commercial sector to pass on the burden on consumersTransport vehicles mainly diesel-run are the main chord to supply chain moving goods to nook and corner of the country.

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