Indian oil product consumption reaches nine-month high

Oil

India’s oil product consumption increased by 170K b/d m-o-m to 4.76M b/d in November, rising for the third consecutive month to the highest level since February, according to data from the Petroleum Planning and Analysis Cell (PPAC). This is a decrease of 170K b/d y-o-y however, with consumption returning to a y-o-y decline after previously increasing on a yearly basis for the first time since the coronavirus pandemic in October. Diesel consumption rose by 70K b/d m-o-m to 1.77M b/d, with gasoline use also increasing by 30K b/d m-o-m and 40K b/d y-o-y to 760K b/d. Jet fuel consumption edged up by 7K b/d m-o-m to 96K b/d, continuing to rise for the seventh month in a row, however this is still a decline of 87K b/d (or 48%) y-o-y.