Demand for petrol and diesel decreased last year.
India is among the largest oil user countries in the world. The decrease in oil consumption in India is a sign of recession in the country. According to the report of the Ministry of Petroleum and Natural Gas, the demand for oil has decreased by 10.8 percent this year compared to 2019.
Demand for petrol and diesel decreased by up to 70 percent – India is among the largest oil user countries in the world. Decreasing oil consumption in India is a sign of recession in the country. According to the report of the Ministry of Petroleum and Natural Gas, the demand for oil has decreased by 10.8 percent this year compared to 2019. It is at a 5-year low with 193.4 million tonnes. The demand for oil has fallen by 70 percent due to the lockdown in March 2020. This drop in demand has been due to the closure of factories and shortages in production.
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Gasoline consumption increased last month- The lockdown is believed to have caused great damage to the Indian economy. Due to which there has been a huge decline in the GDP of the country. Prime Minister Narendra Modi’s government has taken many decisions and relaxed many restrictions to get Asia’s third largest economy out of recession. Ever since the government relaxed the restrictions, demand has started to improve slightly. In the last month, consumption of gasoline has been increased by 9.3. This is the highest since May 2019.Also read: Gas Booking: Cashback of 50 rupees will be available on booking cylinders with pocket wallets, know the complete process
Despite the decrease in demand, there was no reduction in prices. You may be surprised to know that the demand of petrol and diesel in the country decreased by 70 percent last year. But despite this there is no decrease in the prices of petrol and diesel. The main reason for this is the increase in the excise duty on petrol and diesel. . In fact, the business in the country was completely closed due to the lockdown. In such a situation, the central government and the state governments increased the excise duty on petrol and diesel to increase income. Due to which the demand for petrol and diesel did not come down.