India's fuel demand growth slows m-o-m

Oil

India's local fuel demand growth (which provides a proxy for oil demand) slowed to 1.4% y-o-y in March to total 14.5MT, data from the country's Petroleum Planning and Analysis Cell shows. This compares with growth of 9.3% in February, which was the highest since January 2013. Diesel consumption (which makes up around 40% of overall consumption) fell by 3.3% y-o-y to total 5.9MT in March. In the 2014/2015 fiscal year period to 31 March, consumption of refined fuel increased by 4.2% to around 165MT.