Indian oil product consumption rises to yearly high

Oil

India’s oil product consumption increased by 260K b/d m-o-m to 4.92M b/d in February, reaching the highest level since February 2020, according to data from the Petroleum Planning and Analysis Cell (PPAC). Jet fuel consumption rose for the tenth consecutive month, edging up by 10K b/d m-o-m to 120K b/d, with gasoline use also growing by 20K b/d m-o-m to 740K b/d. Diesel consumption jumped by 110K b/d m-o-m to a three-month high of 1.77M b/d, after previously falling to the lowest level since September 2020 in January.