India Monthly fuel Demand in September was the lowest since November 2021, government According to the data released on Friday.
Overall monthly fuel demand in September fell by 3.6% from August, although it was 8.1% higher than in September 2021.
“When we look at the decline in demand for Indian oil, part of it has to do with seasonal maintenance of refineries, not necessarily a slowdown in the economy,” said Phil Flynn, analyst at Price Futures Group in Chicago.
“We expect India’s demand to pick up very soon here as we head into winter.”
Fuel consumption, a proxy for oil demand, totaled 17.18 million tonnes in September, up from 15.89 million tonnes a year ago. petroleum The Planning and Analysis Cell (PPAC) of the Oil Ministry showed.
Diesel or gasoil sales rose nearly 13.4% year-on-year to 6.26 million tonnes, but fell 1.4% month-on-month to a one-year low.
of sale petrolor petrol, was up 8.8% from 2.83 million tonnes a year ago.
Preliminary sales data from earlier this month showed gasoline and gasoil sales by Indian state refiners rose sharply in September from a year ago, indicating a pick-up in industrial activity ahead of the festive season from October.
Sales of bitumen used in road construction increased by about 16%, while the use of fuel oil increased by 9% in September.
LPG or liquefied petroleum gas (LPG) sales rose 3.5% to 2.45 million tonnes, while naphtha sales fell 6.4% to 1.08 million tonnes.
Indian states plan to further lock-in their crude oil supplies in refiner term deals, worried that stringent Western sanctions on Russia, including the European Union, curb future supplies in already tight markets. may impose, sources in state refiners said this week.
Overall monthly fuel demand in September fell by 3.6% from August, although it was 8.1% higher than in September 2021.
“When we look at the decline in demand for Indian oil, part of it has to do with seasonal maintenance of refineries, not necessarily a slowdown in the economy,” said Phil Flynn, analyst at Price Futures Group in Chicago.
“We expect India’s demand to pick up very soon here as we head into winter.”
Fuel consumption, a proxy for oil demand, totaled 17.18 million tonnes in September, up from 15.89 million tonnes a year ago. petroleum The Planning and Analysis Cell (PPAC) of the Oil Ministry showed.
Diesel or gasoil sales rose nearly 13.4% year-on-year to 6.26 million tonnes, but fell 1.4% month-on-month to a one-year low.
of sale petrolor petrol, was up 8.8% from 2.83 million tonnes a year ago.
Preliminary sales data from earlier this month showed gasoline and gasoil sales by Indian state refiners rose sharply in September from a year ago, indicating a pick-up in industrial activity ahead of the festive season from October.
Sales of bitumen used in road construction increased by about 16%, while the use of fuel oil increased by 9% in September.
LPG or liquefied petroleum gas (LPG) sales rose 3.5% to 2.45 million tonnes, while naphtha sales fell 6.4% to 1.08 million tonnes.
Indian states plan to further lock-in their crude oil supplies in refiner term deals, worried that stringent Western sanctions on Russia, including the European Union, curb future supplies in already tight markets. may impose, sources in state refiners said this week.