Nayara Energy Achieves 14.3% Growth in Domestic Fuel Sales Amid Decline in Exports
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Nayara Energy, India's largest private fuel retailer, has reported a significant 14.3% increase in domestic fuel sales for the second quarter of 2024. This growth reflects the company's commitment to meeting rising local demand, while exports have seen a decline.
During the April-June quarter, Nayara sold 75% of the diesel and 60% of the petrol produced at its Vadinar oil refinery in Gujarat within the Indian market. Retail diesel sales rose to 2.08 million tonnes, up from 1.82 million tonnes in the same period last year, while retail petrol sales increased to 0.916 million tonnes, compared to 0.809 million tonnes a year earlier.
Nayara Energy has strategically expanded its retail network, which now includes over 6,500 petrol pumps across India, with 99% of these stations fully automated. Approximately 35% of the fuel stations are located in Tier 3, 4, and 5 towns, enhancing mobility and supporting local commerce.
In response to the robust domestic demand, Nayara's petrol export sales decreased from 36% of total petrol sales in the previous year to 21% in the current quarter. The company exported a total of 1.36 million tonnes of fuel, including 0.65 million tonnes of diesel, primarily to markets in Africa, Southeast Asia, and the Middle East.
Spokesperson Quote
“Nayara Energy has been steadily building its domestic business and strengthening its retail network strategically to underserved markets that uphold the potential to fuel India’s growth. With almost of 35% of our retail outlets being in rural areas, we believe in playing a vital role to enhancing mobility and linking new urban centres that are spurring commerce. The steadily rising share of our products being sold in domestic markets and the Y-o-Y growth of our institutional business reaffirms Nayara Energy’s commitment towards being a strong energy partner for our nation.”
– Alessandro des Dorides, CEO, Nayara Energy
Overall, Nayara Energy's performance highlights its commitment to being a key player in India's energy landscape, contributing significantly to the country's refining output and economic aspirations.
Above views are of the author and not of the website kindly read disclaimer
