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India's fuel demand surges in October

Oil

India's fuel consumption, a proxy for oil demand, increased by 17.5% y-o-y to 15.2Mt in October, according to data from the country's Petroleum Planning and Analysis Cell. Overall demand was supported by higher diesel and gasoline consumption, which were up by 16.3% y-o-y to 6.34Mt (1.5M b/d) and 14.5% to 1.85Mt (509K b/d) respectively. The upcoming festival season, increased driving, rising passenger vehicle sales and an uptick in construction activity (which benefited from drier weather conditions) were noted by Reuters as factors for the rise.