Petrol is mostly used by two, three and four-wheeler vehicles, while diesel is mostly consumed by the industrial and agriculture sectors. The demand for petrol decreased to 702,000 tons in June compared to 776,000 tons in May. The increase in prices came following the complete withdrawal of subsidies on sales of petroleum products and imposition of petroleum development levy. It has imposed the levy of Rs10 per litre on petrol and Rs5 per litre on all other petroleum products including diesel with effect from July 1, 2022. Cumulatively, in the entire fiscal year 2022, which ended on Thursday, the petroleum product sales surged 16% to 22.59 million tons compared to the prior fiscal year.
