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

Oil

India’s oil product consumption declined by 440K b/d m-o-m to 4.55M b/d in July, the lowest level since September 2021, according to data from the Petroleum Planning and Analysis Cell (PPAC). Despite falling to a ten-month low, this is still an increase of 260K b/d y-o-y.  Diesel consumption declined by 310K b/d m-o-m to a six-month low of 1.61M b/d, while gasoline use also fell by 70K b/d m-o-m to 770K b/d. Consumption of naphtha increased by 20K b/d m-o-m to 320K b/d however, the highest level since February.