India’s oil product consumption rises to seven-month high

Oil

India’s oil product consumption increased by 367K b/d m-o-m and 28K b/d y-o-y to 4.61M b/d in October, rising for the second month in a row to the highest level since April, according to data from the Petroleum Planning and Analysis Cell (PPAC). Diesel consumption jumped by 221K b/d m-o-m to a six-month high of 1.61M b/d, supported by the festival season which elevated demand for goods and trucking/ heavy motor vehicle utilisation. Gasoline use rose by 18K b/d m-o-m to an eleven-month high of 757K b/d, while naphtha and jet fuel consumption also increased by 36K b/d m-o-m to 360K b/d and by 14K b/d m-o-m to 120K b/d.