Surge in Sales of Petrol, Diesel, and Jet Fuel in November as Economic Activity Grows
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New Delhi, Dec 2 (NationPress) The sales of petrol, diesel, and jet fuel in India saw a remarkable increase in November this year when compared to the same month last year, showcasing a heightened level of economic activity in the nation, according to data compiled by public sector oil companies.
Petrol sales from Indian Oil, Bharat Petroleum, and Hindustan Petroleum rose by 8.3 per cent to 3.1 million tonnes in November, up from 2.86 million tonnes in the same month last year, driven by a surge in fuel demand during the festive season. These government-owned oil companies represent over 90 per cent of fuel sales.
Likewise, diesel consumption increased by 5.9 per cent to 7.2 million tonnes in November, attributed to greater goods movement on highways and a spike in demand from the agricultural sector during the rabi crop sowing season.
Jet fuel (ATF) sales experienced a 3.6 per cent year-on-year rise, reaching 650,900 tonnes in November, as air travel in the country continued to grow. This figure also reflects a 2.3 per cent increase month-on-month from the 636,100 tonnes sold in October.
LPG sales surged by 7.3 per cent year-on-year to 2.76 million tonnes in November, as a greater number of households transitioned to cooking gas through various government welfare schemes.
The uptick in economic activity is mirrored in the overall GST collections for November, which saw an 8.5 per cent rise, totaling Rs 1.8 lakh crore, marking the fourth-highest monthly collection ever.
The Finance Ministry’s economic review highlights a rebound in numerous high-frequency economic indicators, including both rural and urban demand, alongside supply-side metrics such as the Purchasing Managers’ Index and E-way bill generation.
In terms of employment, the formal workforce is expanding, with significant growth in manufacturing jobs and a notable influx of youth into organized sectors, according to the review.
The Reserve Bank of India (RBI) has upheld its GDP growth forecast for the current fiscal year at 7.2 per cent.
“India’s growth narrative remains strong as its fundamental drivers — consumption and investment demand — are gaining traction. The outlook for private consumption, the cornerstone of aggregate demand, appears positive owing to an enhanced agricultural forecast and rural demand. A sustained rise in services will further bolster urban demand,” stated RBI Governor Shaktikanta Das during the latest monetary policy review.
