State-run oil companies post strong August sales

State-run oil companies sold 16% more petrol and 23.5% more diesel in August over last year as economic activity gathered pace and as sales at private retailers slumped. Petrol sales were 20.6% higher than in August of 2019 while diesel sales were 11.6% higher, according to the preliminary sales data obtained from state-run oil companies.

State-run companies registered strong retail sales growth partly due to a shift in demand from private oil companies that are less keen to serve customers at a time when domestic fuel prices can’t rise in sync with the international market, as per industry executives.