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Festivities boost diesel sales in Oct, demand up over last year

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Petrol, Diesel , Fuel price check, Petrol Pumps, IOCL, Oil Minister Dharmendra Pradhan , National News

First time since lockdown, diesel sale in the country has crossed over the pre-covid level with the country’s most widely consumed fuel witnessing a nine per cent year-on-year growth in the first 15 days of October.

The surge in demand after months of subdued sales is the direct result of an increase in the transport activities ahead of the festival season as consumers move out to make those necessary purchases.

According to official sources, during the first fortnight of October, the sale of diesel increased by nine per cent (YoY) to reach a level of 2.65 million tonne. The growth is even more significant at close to 25 per cent in relation to the previous month of September.

Fuel sales by oil marketing companies had witnessed a drop of close to 60 per cent in April when nationwide lockdown was announced. Thereafter, sales picked up but remained muted and started growing from June during unlock phases. It dropped again in August only to recover now.

Petrol sales picked up during unlock phases as use of personal vehicles increased. But with festivals round the corner, diesel demand has now returned back to normal.

In the first 15 days of October, petrol sales also rose, but substantially lower at 1.5 per cent to close to one million tonne.

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ICICI Bank sets up presence in Nepal

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ICICI bank, apex consumer commission, Rs two lakh, ATM fraud, Business news

Lending major ICICI Bank on Thursday launched its operations in Nepal, via a representative office, to become the first Indian private sector bank to set up its presence in the country.

The bank opened a representative office in Kathmandu which will closely work with the domestic banks in Nepal to facilitate investment, trade, payments and treasury business between the two countries.

According to the bank, the current foray has expanded its global footprint to 15 countries including India.

“India and Nepal have significant trade and investment links between them. We believe that ICICI Bank’s on-ground presence through the new representative office coupled with its strong business partnerships with banks in Nepal, will help us further our participation in the economic flows between the two countries,” said Sriram H. Iyer, Head – International Banking Group, ICICI Bank.

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