Financial Daily from THE HINDU group of publications
Monday, Jul 21, 2003
Financial Daily from THE HINDU group of publications Monday, Jul 21, 2003 |
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Petroleum Industry & Economy - Petroleum Auto sales rev up fuel consumption Archana Chaudhary
Mumbai , July 20 AN improvement in automobile sales has reflected in a healthy 6.1 per cent growth in consumption of transport fuels in June 2003. According to officials of oil companies, the jump in consumption of transport fuels petrol and diesel corresponds with improved auto sales.
"Sales of four-wheelers have shown a 24 per cent growth in June this year, two-wheeler sales have improved by more than 30 per cent. This has reflected on petrol and diesel sales,'' a senior official said. Petrol and diesel have both reported an increase of 13 per cent and 7.03 per cent respectively in June. In line with this growth, sales of automobile lubricants also jumped by 5.5 per cent. Low sulphur heavy stock (LSHS) and furnace oil (FO), which are primarily used as industry fuels and feedstock, also showed improved growth. While LSHS and FO grew by 11.9 per cent and 1.7 per cent respectively, naphtha consumption fell by 5 per cent. Industry observers believe another reason for higher consumption growth rates for products seem higher because of weak base year figures. In June 2002, consumption had suffered after growth rates slumped to -1.7 per cent following a price hike. Diesel, considered an indicator of economic growth, had reported a negative growth of -4.4 per cent in June last year.
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