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India Fuel Consumption Rose 3.2% m/m in May: PPAC

OIL PRODUCTS

Fuel consumption in India, the world's third-biggest oil importer and consumer, edged higher m/m in May, according to PPAC data cited by Reuters with a boost from strong industrial activity and fuel demand during the general elections.

  • Total consumption in May rose by 3.2% m/m to 20.49 million tons (4.84mbpd) but was down from 20.69m tons last year.
  • Diesel sales, primarily used by trucks and commercially run passenger vehicles rose by 1.8% y/y to 8.37m tons.
  • Gasoline sales rose 2.4% from the previous year to 3.43m tons.
  • Bitumen demand fell by 5.6% y/y while naphtha sales fell by 8% to 1.07m tons and fuel oil demand fell more than 11%.
  • "Election campaigning results in more travel, which could be a factor in oil demand increase in May," said LSEG analyst Ehsan Ul Haq. "Strong economic growth is fuelling oil demand growth in India," Ul Haq added.
  • Economists expect the economic momentum to remain strong this year after faster-than-expected growth of y/y in Q1.
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