India’s oil product consumption eases in January

Oil

India’s oil product consumption declined by 170K b/d m-o-m and 110K b/d y-o-y to 4.55M b/d in January, falling to the lowest level since September after previously reaching a nine-month high in December, according to data from the Petroleum Planning and Analysis Cell (PPAC). Fuel demand eased at the start of the year as renewed COVID-19 restrictions were implemented across much of the country, while support previously provided by boosted consumption during the festival season also subsided, Reuters report. Diesel consumption decreased by 230K b/d m-o-m to 1.56M b/d, while gasoline use also fell by 100K b/d m-o-m to an eight-month low of 680K b/d. Naphtha demand increased by 30K b/d m-o-m to 360K b/d however, rising to the highest level since March 2021.