India’s oil product consumption declines in November

Oil

India’s oil product consumption declined by 40K b/d m-o-m and 200K b/d y-o-y to 4.57M b/d in November, falling after previously reaching a seven-month high in October, according to data from the Petroleum Planning and Analysis Cell (PPAC). Naphtha consumption fell by 30K b/d m-o-m to a three-month low of 330K b/d, whereas diesel use rose by 20K b/d m-o-m to a seven-month high of 1.63M b/d. Diesel consumption has been supported as the festival season boosted demand for goods, trucking and heavy motor vehicle activity, according to Argus. While gasoline demand edged down by 5K b/d m-o-m and 5K b/d y-o-y to 750K b/d, this remains up by 40K b/d compared to 2019 levels due to an increased preference for personal vehicles and as lockdown restrictions ease.