New Delhi, Nov 6 (SocialNews.XYZ) The sale of diesel and petrol rose 9.3 per cent and 4.8 per cent, respectively in October this year over the same month in 2022, figures released by the Union Petroleum Ministry on Monday showed.
The higher consumption of petrol and diesel reflect the increased level of economic activity in the country.
Diesel is used both in the transport and farm sectors and a double digit growth reflects the increased growth in these two segments.
Similarly, the consumption of jet fuel by airlines also went up by as much as 12.3 per cent as air travel increased during the month compared to the same month of the previous year.
There has also been a 20.5 oer cent jump in the sales of bitumen which indicates the fast pace of construction of national highways that is taking place in the country.
However, at the same time increased consumption of petroleum products means higher imports as over 80 per cent of the country’s crude oil requirement is sourced from the global market.
This increases the current account deficit and weakens the rupee as payments for crude imports have to be made in US dollars.