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Indian Oil Demand Rose 2% YoY in July

OIL

India's fuel consumption, a proxy for oil demand, rose by 1.9% year-on-year in July to around 18.09 million tonnes, data from the Petroleum Planning and Analysis Cell of the oil ministry showed.

  • Fuel demand stood at 19.36 million tonnes in June.
  • Gasoline sales fell by 5.3% month on month to 2.99 million tonnes in July. Diesel sales declined by 13% on the month to 6.89 million tonnes last month.
  • Indian fuel demand typically peaks in March and declined during the summer period due to the monsoon season beginning in June.

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