Big drop in fuel demand | Petrol demand fell by 10 per cent and diesel by 15 per cent
Although petrol and diesel prices in the country have remained stable for the last 10 days, their prices have been increased 14 times before. The hike, which started on March 22, had pushed up prices by Rs 10 per liter. In just 15 days in April, the country's petrol demand fell by 10 per cent over the same period last month, according to data released on Saturday.
According to the data from April 1 to 15, the demand for petrol has declined by 10 per cent. During the same period, demand for diesel declined by 15.6 per cent over the same period last month. At the same time, demand for domestic gas cylinders has fallen sharply due to price hike. During the period, demand for LPG declined by 1.7 per cent month-on-month.
Since November 4, 2021, petrol and diesel prices have remained stable for 134 consecutive days, or more than four and a half months. But from March 22, petrol-diesel prices started going up. Their rates changed 14 times in 17 days. From March 22 to April 6, petrol and diesel prices were hiked by Rs 10 per liter. But after April 6, the rates of both have remained the same.
Aircraft fuel became more expensive
Not only petrol-diesel and LPG but also jet fuel (ATF) prices in the country have gone up sharply in the last few days. Aircraft fuel prices hit a new high of 0.2 per cent on Saturday. The price of ATF has reached Rs 1,13,202.33 per kiloliter. As a result, demand for ATF has declined by 20.5 per cent on a monthly basis.
Consequences of the Russia-Ukraine War
Crude oil prices have skyrocketed since the end of February due to the Russia-Ukraine war. A few days ago, the price of crude oil had reached 139 139 per barrel. It is currently trading at 10 105 a barrel. Russia is a major producer of crude oil and natural gas and has been banned by a number of countries.
