Petrol And Diesel Sales Dropped After Price Hike Series
The sales chart of petrol and diesel is signaling a downturn after the incumbent government has slashed the subsidies and imposed new taxes. According to Oil Companies Advisory Council (OCAC) data, demand for Petrol and Diesel have decreased by 12% and 16% in June 2022 as compared to previous month.
According to analysts, the Sales chart may exhibit a further dip of 5-10% in the coming month of July. The episode wouldn’t end here, demand for petroleum products will mark a further drop down in the next coming three to four months.
Sales Downturn
OCAC data revealed that demand for petrol dropped to 702,000 tons in June while the same was 713,000 tons in May. Likewise, sales of diesel dropped to 713000 tons in June compared to 776,000 in the last month.
According to Analysts back-to-back price hikes elicited a strong reaction and came with a reduction in the consumption of petroleum products (petrol and diesel).
Price Hike Series
In the past month, the government has increased petrol and diesel prices by Rs. 98.90 (65.98%). Similarly, the diesel price has observed a hike of Rs. 132.39 (91.84%) during the same period.
Current Petrol Prices
After the fresh hike in petrol prices, petrol now costs Rs. 248.74 as compared to the old price of Rs. 233.89.
The new Diesel rate is Rs. 276.54 instead of Rs. 263.31.
And the new rate of Kerosene Oil is Rs. 230.26 against Rs. 211.43.
Light Diesel Oil now costs Rs. 226.15 compared to the previous rate of Rs. 207.47.
What do you think about the next expected hike? Do you think that petrol and diesel sales will drop further next month? What would be the consequences of these actions? Please share your thoughts in the comments section.
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