India’s retail inflation rose to an 18-month high in April, largely driven by a rise in fuel and food prices, according to a Reuters poll.
India’s fuel consumption fell by 4% in April compared to the previous month, data showed on Tuesday, as a rise in domestic prices slowed activity in the world’s third-largest oil consumer. Data from the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) shows that fuel consumption, a proxy for oil demand, totaled 18.64 million tonnes. This was a slight return from 19.41 million tonnes in March, a three-year high, when petrol sales hit an all-time peak, as accumulating supply in the market predicted a rise in prices, despite COVID-related restrictions. The demand for promotion was relaxed.
But since consumption is likely to be impacted, domestic prices of petrol and diesel, linked to international prices of the two fuels, which directly follow the rise in crude oil prices, have remained high.
Global benchmark oil prices posted a monthly increase in April, buoyed by concerns of low Russian supplies following the invasion of Ukraine. [O/R]
India’s retail inflation rose to an 18-month high in April, largely driven by a rise in fuel and food prices, according to a Reuters poll.
Demand in April showed a growth of around 12% compared to the same period in 2021, when economic activity in the country was still hit by a second wave of the COVID pandemic.
Petrol or petrol sales stood at 2.80 million tonnes, down 3.8% from a month ago.
LPG or liquefied petroleum gas (LPG) sales declined 12.9% to 2.16 million tonnes from March, while naphtha sales fell 4.5% to 1.06 million tonnes from a month ago.
Sales of bitumen used to build roads were down 15.5%, while fuel oil use rose 8.6% in April.
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