Shares of oil and gas companies advanced after India's fuel consumption jumped 10.5% year-on-year in November 2019.
Meanwhile, the S&P BSE Sensex rose 142.47 or 0.35% to 40,555.04. The S&P BSE Oil & Gas index added 0.32% to 14,754.71, underperforming the benchmark Sensex.
Among public sector oil marketing companies (PSU OMCs), Bharat Petroleum Corporation (up 1.36%), Indian Oil Corporation (up 0.76%) and Hindustan Petroleum Corporation (up 0.67%) edged higher.
PSU OMCs earn subsidies on cooking fuel (domestic LPG and PDS kerosene) at controlled prices. Pricing of petrol and diesel is market driven.
Among city gas distributors, Gujarat Gas (up 1.48%), Mahanagar Gas (up 0.87%), Adani Gas (up 0.43%) and Indraprastha Gas (up 0.14%) advanced.
Among oil and gas explorers, ONGC (down 1.48%) and Reliance Industries (down 0.04%) slipped while Oil India (up 0.26%) rose.
India's fuel product consumption or sales surged at 22-month high pace of 10.5% to 18.77 million tonnes (mt) in November 2019 over a year ago.
LPG sales improved 23.5% to 2.27 mt, diesel 8.8% to 7.55 mt, petcoke 29.6% to 1.81 mt and petrol 9.2% to 2.53 mt and others 6.4% to 1.03 mt.
Further, the consumption of bitumen also moved up 11.8% to 0.55 mt, ATF 5.4% to 0.72 mt, naphtha 2.5% to 1.25 mt, lubes/greases 7.5% to 0.33 mt and light diesel oil (LDO) 6.4% to 0.05 mt.
However, the consumption of kerosene declined 32.2% to 0.19 mt and fuel oil 2.0% to 0.48 mt in November 2019.
In April-November 2019 over April-November 2018, consumption of fuel products rose 2.2% to 142.00 mt. Sales of LPG increased 7.5% to 17.16 mt, petrol 9.1% to 20.38 mt, petcoke 6.6% to 14.54 mt and diesel 1.0% to 55.40 mt.
Further, the consumption of others also rose 3.4% to 7.91 mt, lubes/greases 5.7% to 2.46 mt, LDO 12.4% to 0.42 mt and bitumen 0.5% to 3.90 mt. However, the consumption of ATF declined 2.2% to 5.37 mt, fuel oil 7.1% to 4.02 mt, kerosene 25.8% to 1.74 mt and naphtha 6.8% to 8.70 mt in April-November 2019.
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