Indian oil product consumption rises to ten-month high

Oil

India’s oil product consumption increased by 35K b/d m-o-m to 4.8M b/d in December, continuing to rise for the fourth consecutive month and reaching the highest level since February, according to data from the Petroleum Planning and Analysis Cell (PPAC). This is still a decline of 90K b/d y-o-y however. India’s use of diesel fell by 20K b/d m-o-m and 40K b/d y-o-y to 1.75M b/d, with gasoline consumption also falling by 14K b/d m-o-m but rising by 64K b/d y-o-y. Kerosene use edged up by 10K b/d m-o-m to 107K b/d, increasing for the eighth month in a row to the highest level since March.

India’s total oil product consumption across 2020 slumped by 410K b/d (or 9%) y-o-y to 4.23M b/d. This is the first time on record that India’s fuel use has declined on a yearly basis, according to Argus, falling to the lowest annual average since 2015.