India's Fuel Sales Pick Up

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India's sales of refined fuel products picked up in the first half of June relative to May, but were lower than in the same period of last year, according to data from state-owned refiners which account for about 90% of all sales. Diesel sales rose 12% during the first half of June compared with the same period of May, while gasoline sales were up 13%. Sales for May 1-15 were weak because of coronavirus lockdowns in more than two dozen states and union territories, which account for about 90% of India's economy, according to Mumbai-based brokerage JM Financial. India saw its daily rate of new Covid-19 infections decline to around 62,000 on Tuesday from a peak of over 410,000 on May 6. Lockdowns continued into June but in most states they are no longer so wide-ranging. India's prices for diesel and gasoline are currently at historical highs after a sharp hike in taxes by federal and state governments to shore up revenue. In New Delhi diesel prices were up 16% on Tuesday versus a year ago, while gasoline prices were up 26% from the same time last year. India Refined Fuel Product Sales

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