Sales of gasoline and gasoline by India’s state refiners rose sharply in September from a year earlier, signaling a pick-up in industrial activity ahead of the festive season starting this month, preliminary sales data showed. Local fuel demand – a gauge of demand for oil in Asia’s third-largest economy – has been steadily slowing during the four-month monsoon season since June.
Average daily gasoline sales by state refiners rose 1.3% from August and were 13.2% higher than a year earlier. Sales of gas oil in local markets rose 4.6% from the previous month and 22.6% from a year earlier, the data show. India’s gas oil consumption, which accounts for about two-fifths of the country’s fuel demand, typically peaks during the month-long festival season that ends with the Diwali celebration, when diesel-guzzling trucks hit the roads and industrial activity picks up speed. State-owned retailers Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp Ltd own about 90% of the country’s fuel retail outlets.
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