March Sees 8% Surge in Diesel Sales Amid Panic Buying
Diesel sales jump 8% in March amid panic buying
The Economic TimesImage: The Economic Times
In March, domestic diesel sales in India increased by 8% year-on-year, driven by panic buying due to the global energy crisis sparked by the Iran war. Meanwhile, LPG sales fell by 13% amid supply curbs, while petrol demand rose by 7.6% as motorists feared shortages.
- 01Diesel sales rose 8% year-on-year in March 2023.
- 02LPG sales declined by 13% due to supply issues.
- 03Petrol demand increased by 7.6% as consumers rushed to fill tanks.
- 04The government assures that fuel supplies are adequate despite panic buying.
- 05For the fiscal year ending March, diesel sales grew by 3.6%.
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In March 2023, domestic diesel sales in India saw a significant increase of 8% year-on-year, primarily driven by panic buying amid a global energy crisis linked to the Iran war. This surge in demand coincided with a 7.6% rise in petrol consumption, as motorists flocked to filling stations fearing potential shortages. Conversely, LPG sales fell by 13% due to ongoing supply curbs. Despite these fluctuations, the Indian government and oil companies have reassured the public that refiners are functioning at optimal capacity and that there are sufficient stocks of crude oil, petrol, diesel, and LPG available. For the fiscal year ending March, diesel sales recorded a growth of 3.6%, while petrol demand increased by 6.5%. Aviation turbine fuel (ATF) consumption remained stable, with no significant changes noted as several flights were canceled due to the war.
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The surge in diesel and petrol sales may lead to increased prices at the pump, affecting daily commuters and businesses reliant on fuel.
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