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Oil Demand Sinks to 14-year Low in Flood-Hit India
According to PPAC - Petroleum Planning & Analysis Cell, India, the world's fastest growing oil consumer, used 15.75M tons of fuel in August, a 6.11% decrease on a y-o-y basis, equivalent to a reduction of 1.026M tons y-o-y. Diesel oil demand, which accounts for about 40% of the country's total oil sales, fell by 3.7% to 5.9M tonnes corresponding to a 225,000 ton reduction y-o-y. The steep demand reductions are mainly due to severe flooding in parts of the country that may have impeded freight and manufacturing activities.