Major oil Public Sector Undertakings (PSUs) in India, including Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation (IOC), and Bharat Petroleum Corporation Limited (BPCL), witnessed notable fluctuations in their fuel sales in the first fortnight of the current month, between September 1-15, 2023.
Petrol sales recorded 8.8 percent month-on-month (MoM) hike reaching 1,289.2 Thousand Metric Tonnes (TMT), compared to 1,184.9 TMT in the previous month.
Diesel sales, however, displayed a somewhat mixed performance. On a month-on-month (MoM) basis, there was a 0.8 percent increase in diesel sales, with volumes rising to 2,724.7 TMT, up from 2,700.8 TMT in the preceding month. While on a Year-on-Year (YoY) basis, diesel sales experienced a decline of 5.8 percent. The sales volume for this period stood at 2,724.5 TMT compared to 2,892.0 TMT in the same period last year.
In the aviation sector, the Aviation Turbine Fuel (ATF) sales saw a 1.8 percent MoM decrease. The total ATF sales for the period amounted to 292.5 TMT, down from 298.0 TMT in the previous month.
On a positive note, LPG (liquefied petroleum gas) sales exhibited robust growth during the first September fortnight, with a substantial 12.0 percent MoM increase. Total LPG sales reached 1,359.8 TMT, compared to 1,214.4 TMT in the previous month.
Meanwhile, as per a government notification on Friday, the Indian government increased the windfall tax on crude petroleum to Rs 10,000 per tonne from Rs 6,700 per tonne. The new rates would be effective from Saturday (September 16).
Also, the special additional excise duty (SAED) or duty on the export of diesel will be reduced to Rs 5.50 per litre, from Rs 6 per litre. The duty on Aviation Turbine Fuel (ATF), commonly known as jet fuel, will be reduced to Rs 3.5 per litre from Rs 4 per litre. However, SAED on petrol will continue at nil.
(Edited by : Anshul)
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