Indian oil product consumption reaches eight-month high

Oil

India’s oil product consumption increased by 460K b/d m-o-m and 120K b/d y-o-y to 4.59M b/d in October, rising for the second consecutive month to the highest level since February, according to data from the Petroleum Planning and Analysis Cell (PPAC). Consumption of diesel rose by 320K b/d m-o-m and 120K b/d y-o-y to 1.7M b/d, with gasoline use also growing by 30K b/d m-o-m to 730K b/d. Jet fuel consumption edged up by 10K b/d m-o-m to 90K b/d, continuing to rise for the sixth month in a row. This is still a decline of 90K b/d (or 49%) y-o-y however, with national jet fuel demand set to remain suppressed due to the Indian Government enforcing a ban on international travel which is likely to remain until March, Argus reports.