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| India’s fuel demand highest since April amid easing of local Covid-19 restrictions | India’s fuel demand highest since April amid easing of local Covid-19 restrictions |
| (2 months later) | |
| Demand for fuel in India recovered in July, climbing to a three-month high as severe restrictions put in place due to the Covid-19 pandemic are gradually being eased in most states, stimulating industrial activity and mobility. | Demand for fuel in India recovered in July, climbing to a three-month high as severe restrictions put in place due to the Covid-19 pandemic are gradually being eased in most states, stimulating industrial activity and mobility. |
| July fuel consumption rose by 2.9% against the previous month, reaching 16.83 million tons, according to data from the Petroleum Planning and Analysis Cell (PPAC). Year-over-year growth reportedly totaled 7.9%. | July fuel consumption rose by 2.9% against the previous month, reaching 16.83 million tons, according to data from the Petroleum Planning and Analysis Cell (PPAC). Year-over-year growth reportedly totaled 7.9%. |
| India’s fuel consumption in May dropped to a nine-month low as the nation imposed tough restrictions and lockdowns in most of the states due to the second wave of the coronavirus. | India’s fuel consumption in May dropped to a nine-month low as the nation imposed tough restrictions and lockdowns in most of the states due to the second wave of the coronavirus. |
| Consumption is expected to be flat for another month, but will seasonally accelerate in the fourth quarter, raising the use of fuel to pre-pandemic levels, according to Natixis commodities strategist Joel Hancock, as quoted by Reuters. | Consumption is expected to be flat for another month, but will seasonally accelerate in the fourth quarter, raising the use of fuel to pre-pandemic levels, according to Natixis commodities strategist Joel Hancock, as quoted by Reuters. |
| “There will be an impact of higher prices on consumption but the broader pandemic recovery trend will outweigh this – so we’ll still get growth on a year-on-year basis and relative to 2019,” he said, stressing that soaring petrol and diesel prices would unavoidably limit the recovery. | “There will be an impact of higher prices on consumption but the broader pandemic recovery trend will outweigh this – so we’ll still get growth on a year-on-year basis and relative to 2019,” he said, stressing that soaring petrol and diesel prices would unavoidably limit the recovery. |
| In July, year-on-year consumption of diesel, which accounts for nearly 40% of India’s refined fuel sales, grew by 11.5%, amounting to 6.14 million tons. However, diesel sales were still down 1% from the same period last year. | In July, year-on-year consumption of diesel, which accounts for nearly 40% of India’s refined fuel sales, grew by 11.5%, amounting to 6.14 million tons. However, diesel sales were still down 1% from the same period last year. |
| Meanwhile, sales of petrol rose by more than 16% to 2.63 million tons compared to July 2020, and were up 9.2% from June. Sales of liquefied petroleum gas increased to 2.37 million tons, marking a year-on-year increase of 4.6%, while bitumen sales were reportedly up 4.1%. Sales of naphtha reportedly dropped by about 5.3% to 1.21 million tons, while fuel oil consumption was 5.1% lower. | Meanwhile, sales of petrol rose by more than 16% to 2.63 million tons compared to July 2020, and were up 9.2% from June. Sales of liquefied petroleum gas increased to 2.37 million tons, marking a year-on-year increase of 4.6%, while bitumen sales were reportedly up 4.1%. Sales of naphtha reportedly dropped by about 5.3% to 1.21 million tons, while fuel oil consumption was 5.1% lower. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |