India’s oil product consumption plummets to nine-month low

Oil

India’s oil product consumption tumbled by 640K b/d m-o-m and 60K b/d y-o-y to 3.9M b/d in May, falling for the third consecutive month to the lowest level since August 2020, according to data from the Petroleum Planning and Analysis Cell (PPAC). Gasoline use declined by 130K b/d m-o-m to a one-year low of 550K b/d, while diesel consumption shot down by 330K b/d m-o-m to 1.35M b/d. Sales of naphtha and jet fuel also decreased, falling by 20K b/d m-o-m to 350K b/d and 40K m-o-m b/d to 70K b/d respectively. Indian oil product demand has continued to slump in recent months amid a second wave of coronavirus infections, hindering economic activity and mobility, Argus reports.