Fuel demand rise 17.9pc year-on-year om June on growing demand
Fuel demand rise 17.9pc year-on-year om June on growing demand

India's petrol and diesel consumption in June rose by 17.9 percent from a year earlier, government data showed on Friday, since demand in the world's No.3 oil consumer demand began to return towards pre-pandemic levels. 

Oil prices worldwide have increased due to worries about shortages and disruptions brought on by oil supplier Russia's invasion of Ukraine, but Indian customers have been somewhat protected as Indian refiners have purchased less expensive Russian fuel that the West has avoided.

Fuel consumption, a proxy for oil demand, totaled 18.67 million tonnes, according to information from the Petroleum Planning and Analysis Cell of the Indian Oil Ministry.

"In India, demand for diesel and petrol was comparatively low from May to September 2021. As a result, there has been an increase of about 18% from a lower base," said Ehsan Ul Haq of Refinitiv, but he added that pent-up demand might spur a rebound to pre-pandemic levels in the coming months.
Despite the recent rise in food and energy costs, he said that "the purchasing power of India's middle class is rising," although he did not completely rule out some demand destruction.

7.68 million tonnes of diesel were consumed, up around 21.9 percent from two years prior and up 23.9 percent on an annual basis.  At 2.97 million tonnes, petrol sales were 23.2% greater than they had been a year ago.

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