After hitting a yr excessive in January, India’s crude oil processing fell in February 2020 in comparison with the year-ago interval on account of larger crude oil costs and weaker demand for petroleum merchandise.
In response to authorities information, crude oil processed in refineries throughout February 2021 was 18.6 MMT, 11.8% decrease than February 2020, and a four-month low.
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On a cumulative foundation, complete crude oil processed was 200.8 MMT which was decrease by 13.9 % throughout April – February 2021 in comparison with April – February 2020.
The decrease processing of crude oil led to a ten.9% degrowth in petroleum merchandise in February. From April- February, the petroleum merchandise noticed degrowth of 12.2% over the earlier yr’s corresponding interval.
February is a month that, regardless of the least variety of working days, sees excessive consumption of petroleum merchandise on account of nice climate and festivities on account of marriage ceremony season.
Nevertheless, India’s gasoline consumption additionally fell to a five-month low in February as larger retail costs dented demand.
The important thing petroleum merchandise merchandise which registered de-growth have been Diesel (HSD) -8.5%, Petrol (MS) -3.0%, Aviation Turbine Gasoline (ATF) -37.1%, Bitumen -11.1% and Furnace Oil & Low Sulphur Heavy Inventory (FO/LSHS) -10.2%. Kerosene (SKO) recorded degrowth of -25.8% through the present month in comparison with February 2020.
“February 2021 had 28 days as in comparison with 29 days in February 2020, effecting the consumption to that extent,” stated the federal government information.
February 2021 noticed COVID vaccination roll out and elevated financial exercise accompanied by elevated mobility. Rising GST collections indicated constructive sentiment and elevated home manufacturing.
The consumption of petroleum merchandise in February 2021 with a quantity of 17.2 MMT recovered to 95.1% of the amount of 18.1 MMT in February 2020.
Petroleum merchandise consumption through the interval April to February 2021 recovered 88.7% of the consumption throughout the identical interval the earlier yr.
LPG consumption registered a progress of seven.7% through the month of February 2021 in comparison with February 2020, primarily on account of elevated home consumption with PMUY refills.
Different merchandise which registered a progress within the month of February 2021 have been Naphtha 0.3%, Lubes & Greases 0.8%, Mild Diesel Oil (LDO) 46.5%, Pet coke 0.5%, and merchandise categorized below “Others” class 5.5%, stated the federal government information.