India’s oil product consumption falls to seven-month low

Oil

India’s oil product consumption declined by 310K b/d m-o-m to 4.54M b/d in April, falling for the second month in a row to the lowest level since September 2020 as renewed coronavirus restrictions weighed on demand, according to data from the Petroleum Planning and Analysis Cell (PPAC). Despite reaching a seven-month low this is an increase of 2.04M b/d y-o-y, the largest annual growth registered on records dating back to 1999, as consumption tumbled to the lowest level since 2006 in April last year amid India’s first wave of infections, Reuters report. Diesel and gasoline consumption both decreased by 80K b/d m-o-m to 1.68M b/d and 680K b/d respectively, with naphtha use also sliding by 10K b/d to 370K b/d. Jet fuel demand fell by 10K b/d m-o-m to a five-month low of 110K b/d.