India’s fuel consumption climbed up for a third consecutive month in November, supported by reviving transportation and business activity, although a year-on-year decline pointed to a lethargic economic recovery.

As per the data from the Petroleum Planning and Analysis Cell of the Ministry, Consumption of refined fuels, a proxy for oil demand, in November rose 0.4 percent from the previous month to 17.83 million tonnes. Sales of petrol rose by 0.4% from October and 5.1 percent from a year.  Diesel consumption edged up 0.6 percent month-on-month but fell 7 percent to 7.04 million tonnes on an annual basis.

Gasoil consumption in India, which has been one of the primary drivers for Asian demand for the fuel in recent weeks, alongside steady growth in overall fuel sales, has prompted the country’s refiners to ramp up capacity.

Total fuel demand fell 3.7 percent on year after registering its first year-on-year increase since February in October, as manufacturing and services slowed with consumers staying indoors to avoid getting infected by the novel coronavirus.

Liquefied petroleum gas (LPG) sales increased by about 4 percent to 2.35 million tonnes from a year earlier, but fell 2.9 percent from the previous month, while naphtha sales rose by 7.2 percent to 1.34 million tonnes year-on-year.

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