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India’s Oil Consumption Rises Y-o-Y For Second-Consecutive Month

Oil

India’s oil consumption in May increased by 5.44% (or 1.53MT) y-o-y to a record high of 17.79MT, data from the country’ Petroleum Planning and Analysis Cell (PPAC) shows. This is the second-consecutive month in which India’s oil consumption has grown y-o-y, after three straight months of declines in 1Q17, following a demonetisation of 500 and 1,000 rupee bank notes in November 2016.  Growth was supported by some of the highest y-o-y rises in the consumption of gasoline and diesel since November 2016.