BUSINESS

Fuel stations report big drop in volume sold so far in 2017

TAGS: Economy

Unofficial market figures show that demand for gasoline in the first couple of months this year fell 4 percent on an annual basis, pointing to a market contraction for the first quarter of the year that may even exceed the forecast 1.7 percent.

Gasoline sales amounted to 326,170 metric tons in the year to end-February, from 340,960 mt last year, and diesel sales dropped from 314,812 mt to 333,765 mt, on shrinking disposable incomes and the hike in the tax on vehicle fuel from January 1.

Fuel companies and gas stations were compensated by the 24 percent rise in heating oil consumption due to the colder winter.

Online