Rise in sales of petrol, diesel and jet fuel in November due to boom in the economy

New Delhi|According to data released by public sector oil companies, sales of petrol, diesel and jet fuel in India in November this year have jumped compared to the same period last year, reflecting higher levels of economic activity in the country.

Petrol sales of Indian Oil, Bharat Petroleum and Hindustan Petroleum rose 8.3 per cent to 3.1 million tonnes in November, compared to 2.86 million tonnes consumed in the same month last year, due to increased demand for fuel in the festive month.

These state-owned giants account for more than 90 percent of fuel sales. Similarly, diesel consumption increased by 5.9 per cent to 7.2 million tonnes during November due to increased movement of goods on highways and increased demand from the agricultural sector during the Rabi crop sowing season.

Jet fuel (ATF) sales increased 3.6 percent year-on-year to 6,50,900 tons during November due to increased air travel in the country.

This was up 2.3 percent on a monthly basis compared to sales of 6,36,100 tons of fuel in October. More households have started using cooking gas under various schemes launched by the government for the welfare of the poor, resulting in LPG sales also increasing by 7.3 per cent year-on-year to 2.76 million tonnes in November.

The increase in economic activity can also be seen from the surge in GST collections in November, which increased by 8.5 per cent to Rs 1.8 lakh crore. This is the fourth highest monthly collection ever.

The monthly economic review of the Finance Ministry also provides information about the surge in many high-frequency indicators of economic activity.

The formal workforce is expanding in terms of employment, there has been a significant increase in jobs in manufacturing and a strong flow of youth into organized sectors.

The Reserve Bank of India (RBI) has also maintained its GDP growth forecast for the current financial year at 7.2 percent.

Presenting the latest monetary policy review, Reserve Bank of India Governor Shaktikanta Das said, “India’s growth story remains intact as consumption and investment demand continue to pick up. Private consumption prospects, the mainstay of aggregate demand, look bright thanks to a better agricultural outlook and rural demand. Urban demand will also be supported by the continued surge in services.”