Indian state fuel retailers posted robust growth in diesel and petrol sales in the first half of March, preliminary fuel sales data showed on Wednesday, as consumers and dealers topped tanks ahead on the likelihood of a fuel price hike.
Gasoil is a broad term that can refer to a range of intermediates and finished petroleum products, generally in the diesel or Vacuum gas oil (VGO) – a key feedstock for fluid catalytic crackers used to make transportation fuels and many other by-products – range of distillation profile.
While gasoline, also called gas or petrol, is a mixture of volatile, flammable liquid hydrocarbons derived from petroleum and used as fuel for internal-combustion engines. It is also used as a solvent for oils and fats.
The data showed that the state retailers sold 3.53 million tonnes of gasoil from March 1 to 15, up 32.8 per cent from last month. Sales of gasoline were 1.24 million tonnes in the same period, up 18.8 per cent from last month.
In anticipation of a fuel price hike as global crude prices have risen sharply to above $100 a barrel, the strong demand underscores consumers and dealers stocking up on diesel and petrol.
But the government has said it will make a calibrated intervention to contain fuel prices to limit the damage to the common man.
Fuel prices remained unchanged across metro cities on Wednesday, March 16, 2022.
This is the most prolonged duration when the rates have remained static since the daily revision of prices began in June 2017.
The Centre had cut excise duty on November 4, 2021, to relieve prices that had reached an all-time high level. The government had slashed the duty on petrol by ₹ 5 per litre and diesel by ₹ 10 a litre, leading to a substantial reduction in fuel prices.
Later in December 2021, the Delhi government had reduced the value-added tax (VAT) on petrol from 30 per cent to 19.40 per cent. With this, petrol prices in the national capital were slashed by ₹ 8.56 per litre.
A litre of petrol costs ₹ 95.41 in Delhi, while diesel rates stand at ₹ 86.67 per litre. In Mumbai, petrol is retailed at ₹ 109.98 per litre, while diesel is sold at ₹ 94.14 per litre.
Among the metro cities, fuel rates are still the highest in Mumbai. Fuel prices vary across the states due to VAT.