Fuel Record diesel and gasoline sales in May indicate strong demand
New Delhi: India's May diesel and gasoline sales reached record levels, providing a rare positive indication for the global oil markets, Bloomberg reported.
Government data shows that diesel sales in India, the world's third-largest crude importer, increased by 13% compared to the same period last year.
Gasoline sales also saw a growth of 11%.
Overall fuel consumption, including liquefied petroleum gas and naphtha, rose by 9%.
These robust sales figures come after the Indian economy surpassed expectations by expanding 6.1% in the quarter ending in March, stated the report.
However, it is anticipated that the growth rate will slow down for the remainder of the year, it added.
The increased demand for diesel and gasoline will provide a boost for India's state-run fuel retailers, who have maintained unchanged prices for these fuels since April of the previous year.
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