The world’s fastest-growing oil market is showing an uneven recovery two months after easing demand-destroying virus-control measures. Provisional fuel sales in June had climbed within 88% of 2019 levels from less than half in April in the midst of the world’s biggest lockdown, the oil ministry said citing sales of the three major state-owned retailers. But diesel and petrol, typically the two most-sold fuels and proxies for the nation’s economic health, lagged that mark, while sales of cooking gas surged.
Sales of diesel, the country’s most-consumed fuel, were at 5.5 million tons in June, up 20% from May but still down 17% from a year ago, according to officials with direct knowledge of the companies’ activities, who asked not to be identified because the data wasn’t public.
Petrol also rebounded from May but was well below 2019 levels, while aviation fuel sales are still 67% below last year’s figures as international flights remain restricted, even as domestic travel has resumed.