Excise duty cut, delayed monsoon raised India’s fuel demand in June
The reduction in excise duty on petrol and diesel by the Central government coupled with the delayed arrival of the monsoon has led to robust demand for fuels in the month of June.
The Centre on May 21 reduced excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre to provide much-needed relief to consumers, causing an additional revenue implication of around Rs 1 trillion to the exchequer. India’s demand for oil products rose 704,000 barrels per day, or 16.3 per on a yearly basis in June, said global energy and commodities-related service provider S&P Global Commodity Insights.
