India’s petrol prices fell 4 percent in April since last month, data showed on Tuesday, as rising domestic prices lowered activity for the world’s third-largest oil buyer.Fuel consumption, which represents oil demand, reached 18.64 million tons, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil department has shown.
This was a slight withdrawal from 19.41 million tonnes in March, a three-year peak, when petrol sales reached an all-time high, as the market accumulated items that predicted inflation while reducing COVID-related curb increased demand. But which is likely to be the weight of consumption since then, domestic petrol and diesel prices, linked to double fuel prices associated with rising crude oil prices, remain high.
Inflationis likely to rise
Global oil prices have sent a monthly increase in April, due to concerns over Russia’s limited supply following its invasion of Ukraine.Inflation in India is likely to rise to a maximum of 18 months in April, largely due to rising fuel and food prices. Demand in April showed an increase of almost 12% from the same period in 2021, when economic activity in the country was still hit by the second wave of the COVID epidemic.
Sales of petrol, or petrol, dropped by 3.8% compared to 2.80 million tons last month.Sales of cooking oil or liquefied petroleum gas (LPG) decreased by 12.9% to 2.16 million tons since March, while sales of naphtha decreased by 4.5% to 1.06 million tons from the previous month.Tariffs, which are used for road construction, fell by 15.5%, while petrol consumption increased by 8.6% in April.
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